Business

News aggregation site BuzzFeed will be listed through SPAC

In the morning news on March 11, Beijing time, according to reports, people familiar with the matter revealed that the US news aggregator website BuzzFeed plans to establish a special purpose acquisition company (SPAC) with a partner named 890 5th Avenue Partners Inc. (890 5th Avenue Partners Inc.). ) Merger to achieve listing. People familiar with the matter said that once it goes public, the company may use the cash on hand to carry out subsequent acquisitions.

The value of this transaction is unclear. Like other deals that have not yet been finalized, the terms of the deal may change and negotiations may eventually break down.

 

Neither BuzzFeed nor the partner at 890 Fifth Avenue declined to comment.

BuzzFeed is headquartered in New York and was founded by CEO Jonah Peretti. The company agreed in November last year to acquire the Huffington Post online news service from Verizon Telecom. As part of the transaction, Verizon will acquire a minority stake in BuzzFeed at a valuation of $1.7 billion. People familiar with the matter said that this valuation level is basically the same as when Comcast’s NBC Universal invested $200 million in BuzzFeed in 2016.

 

The name of the partner at No. 890 Fifth Avenue is derived from the fictional mobile building in the “Avengers”, and its persons in charge are executive chairman Adam Rothstein and CEO Emilio Callum Zucker (Emiliano Calemzuk). The bad-checking company raised $287.5 million through an IPO in January this year and announced that it will focus on the technology, media, and telecommunications industries.

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