BuzzFeed confirms plan to list on the New York Stock Exchange

Buzzfeed to acquire youth entertainment business Complex Networks for $300m

BuzzFeed is set to list on the New York Stock Exchange through a Special Purpose Acquisition Company (SPAC), valuing the media company at $1.5bn.

The deal, which includes a $150m convertible note financing led by Redwood Capital Management, is expected to go through in Q4 of 2021.

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

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

Towards the end of last year, BuzzFeed acquired HuffPost, a similar news platform, for an undisclosed figure.

The digital platform also announced it reached an agreement with Hearst and Verizon to acquire youth entertainment business Complex Networks for $300m.

The management team will remain the same with founder and chief executive officer Jonah Peretti and chief financial officer Felicia DellaFortuna staying in their positions.

“BuzzFeed is now the undeniable leader for the next generation of media. We’ve built a slate of essential brands, loved by the most diverse, engaged, and loyal audience on the Internet,” said Jonah Peretti. “With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business. I am thrilled to have Adam join our team as we work towards becoming the world’s preeminent digital media company.”

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

Special purpose acquisition vehicles, known as SPACs, are shell companies that raise funds through an IPO to take a private company public through a merger at a later point in time.

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

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