BuzzFeed Inc. is close to a deal to go public through a merger with a special-purpose acquisition company, according to people familiar with the situation, part of a plan to consolidate with other players in digital media.
BuzzFeed founder and Chief Executive Officer Jonah Peretti could announce a deal with 890 5th Avenue Partners Inc.—a blank-check company named after the headquarters of Marvel’s Avengers superheroes and founded by investor Adam Rothstein—as early as this week, the people said.
The merger deal would generate capital to pursue additional acquisitions, including Complex Networks, a digital publisher that specializes in streetwear, music and pop culture. BuzzFeed is vying for greater scale to better compete for online ad dollars with tech giants such as Alphabet Inc.’s Google, Amazon. com Inc. and Facebook Inc.
The Information earlier reported on BuzzFeed’s plans to buy rivals, including Complex Networks, as a public company.
Read More (...)