BuzzFeed News is planning on going public as the shareholders of 890 Fifth Avenue Partners, a special purpose acquisition company, approved a merger with the digital media company.
In addition, BuzzFeed News will also close its acquisition of Complex Networks, a media company run as a joint venture of Verizon and Hearst.
Further, as reported:
¨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.¨
Read more here.
