Mar 10, 2021
BuzzFeed is in talks to go public via 890 5th Avenue SPAC
BuzzFeed Inc. is in talks to go public through a merger with 890 5th Avenue Partners Inc., a special purpose acquisition company, according to people with knowledge of the matter.
Once public, the company may use its currency to target future acquisitions, said one of the people, who requested anonymity because the talks are private.
A transaction value couldn’t immediately be learned. As with any deal that hasn’t been finalized, it’s possible terms change or talks fall apart.
Representatives of BuzzFeed and 890 5th Avenue didn’t immediately respond to requests for comment.
The New York-based digital media company, founded by CEO Jonah Peretti, in November agreed to buy the HuffPost online news service from Verizon Communications Inc. As part of that deal, Verizon acquired a minority stake in BuzzFeed that valued it about $1.7 billion, roughly the same as it was in 2016, when Comcast Corp.’s NBCUniversal invested US$200 million in the company, a person with knowledge of the matter said at the time.
890 5th Avenue -- named after the fictional Avengers mansion -- is led by Executive Chairman Adam Rothstein and CEO Emiliano Calemzuk. The blank-check firm raised US$287.5 million in a January initial public offering and has said it’s focused on technology, media and telecommunications.