BuzzFeed, a 15-year-old digital media company, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company.
BuzzFeed, a 15-year-old digital media company, announced Thursday it plans to go public via a merger with a publicly traded special purpose acquisition company.
The company, which will merge with 890 Fifth Avenue Partners, is targeting a $1.5 billion valuation. The deal is expected to close in the fourth quarter.
BuzzFeed also plans to acquire Complex Networks, a digital publisher that specializes in streetwear, music and culture, for $300 million. The deal is made up of $200 million in cash and $100 million of equity in BuzzFeed, the company said. They added it will “immediately accelerate BuzzFeed’s revenue growth.”
“With this acquisition, BuzzFeed becomes even better-positioned to thrive in an age of media consolidation,” the company said.
BuzzFeed acquired news site HuffPost from Verizon Media for an undisclosed amount in November.
