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BuzzFeed is the latest digital media business going public via the special purpose acquisition company route, giving the publisher an implied valuation of $1.5 billion.
BuzzFeed is merging with shell company 890 Fifth Avenue Partners, which holds $288 million in cash in its trust account after an IPO earlier this year.
As part of the transaction, BuzzFeed will acquire Complex Networks for $300 million.
“We finally have the scale to influence how the larger media industry works and help shape a better model for the future,” wrote CEO Jonah Perretti in a memo to staff.
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