Celebrities

BuzzFeed to Go Public in SPAC Merger at $1.5 Billion Valuation

Jonah Peretti’s media company plans to use new funds to acquire Complex Networks for $300 million

Lindsey Ellefson

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BuzzFeed on Thursday announced its plans to go public following a merger with 890 Fifth Avenue Partners Inc. When the deal closes, BuzzFeed’s implied valuation will be $1.5 billion. The company also announced plans to acquire Complex Networks for $300 million.

Proceeds from the merger will include up to $288 million in trust and another $150 million in convertible note financing, according to a press release.

The news came after months of reporting and speculation on both the move to go public and the acquisition of Complex.

“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,” BuzzFeed founder and CEO Jonah Peretti said in the Thursday announcement. “With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business.”

At the end of last year, BuzzFeed acquired HuffPost, another media brand with strong appeal for younger audiences.

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