BuzzFeed goes public

Chris Pash
By Chris Pash | 25 June 2021
One BuzzFeed journo left this message on the mirror after the redundancies were announced

BuzzFeed, the media group once better known for listicles and memes but now a Pulitzer prize winner, is going to list on the Nasdaq.

In the process, it will buy publisher Complex Networks, to create a $US1.5 billion digital player with revenue of $US654 million forecast for 2022. 

Founder and CEO Jonah Peretti will continue to run the news business, including Complex Networks -- a global youth entertainment company with content and events spanning streetwear and style, food, music, sneakers and sports -- being bought for $US300 million from Verizon Communications and Hearst Corp. 

"BuzzFeed is now the undeniable leader for the next generation of media," says Peretti.

"We’ve built a slate of essential brands, loved by the most diverse, engaged, and loyal audience on the Internet. 

“With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business. 

"The acquisition of Complex Networks will expand our reach into new audiences, complement our entertainment, news, and lifestyle brands, and open the door to even more revenue opportunities.” 

The company's brands include BuzzFeed, Tasty, HuffPost and BuzzFeed News. 

The media group is using a  special purpose acquisition company (SPAC) -- 890 Fifth Avenue Partners Inc -- to go public.

Buzzfeed closed its dedicated Australian news operations in May last year.

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