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BuzzFeed Clinches SPAC Deal; Plans To Acquire Complex Networks, Go Public

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deadline.com

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 Johan 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.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.

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