BuzzFeed votes to go public amid staff walkout
CNN
BuzzFeed, the digital media company most known for its lists, quizzes and journalism, is going public and its debut on the Nasdaq will serve as a bellwether for the rest of the media industry's financial futures.
Shareholders of 890 Fifth Avenue Partners, a special purpose acquisition company, approved a merger with BuzzFeed on Thursday. BuzzFeed will also close its acquisition of Complex Networks, a media company run as a joint venture of Verizon (VZ) and Hearst, on Friday. The newly combined companies will start trading Monday under the ticker BZFD.
BuzzFeed raised about $16 million from the SPAC deal, which is far less than anticipated. When BuzzFeed announced its plan to go public in June, it said 890 Fifth Avenue Partners held about $288 million in cash. But the vast majority of investors withdrew, as The Wall Street Journal reported earlier on Thursday. BuzzFeed also raised about $150 million in debt financing for a total expected raise of approximately $166 million.
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