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Buzzfeed recently announced its plans to go public on Thursday. The 15-year-old company has mentioned plans to go public via a merger with an acquisition company specialized in publically trading special purposes.
They are currently merging with 890 Fifth Avenue Partners with a target budget of $1.5 billion valuation. The merge is currently expecting to close within the fourth quarter in 2021. Buzzfeed also has plans to acquire Complex Networks, a digital publisher company specializing in streetwear, music, and culture for $300 million.
The company said in an article on businesswire that “With this acquisition, Buzzfeed becomes even better-positioned to thrive in an age of media consolidation.” Jonah Peretti, the current CEO of Buzzfeed also mentioned the plans that “With today’s announcement, we’re taking the next big step in Buzzfeed’s evolution, bringing capital and additional experience to our business.”
The company also has big plans for the future of Buzzfeed in terms of business. They have started to lean into other areas such as e-commerce, branded cookware, and affiliate commerce. With the current plans to go public looking good, it’s estimated to get $654 million in revenue and $117 million in an adjusted EBITDA.
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This article originally posted on GREY Journal.