BuzzFeed Clinches Spac Deal That Values It At $1.5 Billion; To Acquire Complex Networks, Go Public

BuzzFeed announced Thursday plans to go public in a Spac merger expected to close in the fourth quarter in a deal that values the company at $1.5 billion as the digital media space continues to transform.The 15-year-old digital media group founded by Jonah Peretti will also acquire digital outlet Complex Networks from Hearst and Verizon for $300 million. The Spac, or special purpose acquisition company, called 890 Fifth Avenue Partners, holds $288 million in cash.Group Nine Media launched its own Spac to pursue digital deals and Vice Media is reportedly pursuing a merger and IPO with another Spac, called 7Gc & Co Holdings.BuzzFeed has also secured approximately $150 million in convertible note financing led by Redwood Capital Management and including CrossingBridge Advisors, Cohanzick Management, and Silver Rock Financial. BuzzFeed will trade under the ticker Bzfd. Management led by CEO Peretti will remain in place.“With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, ...