BuzzFeed announces plan to go public and acquire Complex Networks
The company is going public through a merger with 890 Fifth Avenue Partners, a publicly traded special purpose acquisition company, or SPAC. As part of the move, BuzzFeed is also acquiring Complex Networks, a media company run as a joint venture of Verizon and Hearst and includes popular franchise “Hot Ones,” to expand its portfolio of brands.
“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 CEO Jonah Peretti said in a statement. “With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business.”