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BuzzFeed confirms its intention to list on the New York Stock Exchange

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Buzzfeed to Acquire Youth Entertainment Company Complex Networks for $ 300 Million

BuzzFeed is on the cusp of being listed on the New York Stock Exchange through a Special Purpose Acquisition Company (SPAC), valuing the media company at $ 1.5 billion.

The deal, which includes a $ 150 million convertible bond financing led by Redwood Capital Management, is expected to close in the fourth quarter of 2021.

Other institutional investors, including CrossingBridge Advisors, Cohanzick Management and Silver Rock Financial, are involved.

BuzzFeed was previously valued at $ 1.7 billion in 2016, when NBC Universal invested $ 200 million in the company.

Towards the end of last year, BuzzFeed bought out HuffPost, a similar information platform, for an undisclosed figure.

– Publicity –

The digital platform also announced that it has reached an agreement with Hearst and Verizon to acquire Complex Networks, a youth entertainment company, for $ 300 million.

The management team will remain the same, with Founder and CEO Jonah Peretti and CFO Felicia DellaFortuna remaining in their positions.

BuzzFeed is now the clear leader in the next generation of media. We’ve built a list of essential brands loved by the most diverse, engaged and loyal audience on the internet, said Jonah Peretti. With today’s announcement, we took another step forward in the evolution of BuzzFeeds, bringing additional capital and experience to our business. I am delighted that Adam is joining our team as we strive to become the world’s premier digital media company.

Peretti added that the acquisition of Complex Networks will expand our reach to new audiences, complement our entertainment, news and lifestyle brands, and open the door to even more revenue opportunities.

Special Purpose Acquisition Vehicles, known as SPAC, are shell companies that raise funds through an IPO to bring a private company to the stock exchange through a subsequent merger.

BuzzFeed will be listed on the stock exchange under the ticker symbol “BZFD”.



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