Todd Spangler NY Digital EditorBuzzFeed is going public in a deal with a special purpose acquisition company (SPAC), which will give the digital media company an implied valuation of $1.5 billion once the pact closes, the company said.BuzzFeed will become a publicly listed company through a merger with 890 Fifth Avenue Partners, a SPAC that holds $288 million in cash in its trust account.
In addition, BuzzFeed has secured $150 million in financing led by Redwood Capital Management and including CrossingBridge Advisors, Cohanzick Management, and Silver Rock Financial.As part of the transaction, BuzzFeed plans to acquire Complex Networks, a global youth content and network with targeting millennials and Gen Z, from Verizon and Hearst for.
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