BuzzFeed, Inc agreed to acquire Complex Media, Inc. from Verizon Communications Inc. (NYSE:VZ) and Hearst Communications, Inc. for $300 million.
June 23, 2021
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BuzzFeed, Inc agreed to acquire Complex Media, Inc. from Verizon Communications Inc. (NYSE:VZ) and Hearst Communications, Inc. for $300 million on June 24, 2021. The $300 million acquisition of Complex consists of $200 million in cash and $100M of equity in BuzzFeed. In a related transaction, BuzzFeed will merge with 890 Fifth Avenue Partners Inc. to become a public company. Following the transaction, Complex Networks will remain editorially independent.
Complex Networks Founder and Chief Executive Officer Rich Antoniello will serve in two-year strategic advisory role to BuzzFeed and Chief Executive Officer Jonah Peretti. Christian Baesler, currently President of Complex Networks, will assume the role of Chief Executive Officer. Justin Killion, current GM and Executive Vice President for Operations & Content at Complex Networks, will become its President. The transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the fourth quarter of 2021. BofA Securities is acting as financial advisors to BuzzFeed on the acquisition of Complex Networks. Jennifer Cheng, Susan Nieto, James Tandler, Kevin Kay, Michael Kleinmann, Tadashi Okamoto, Ari Edelman, Peter Emmi, Michelle Mantine and Thomas Marrinson of Fenwick & West LLP is acting as legal counselors to BuzzFeed. Allen & Company LLC is acting as financial advisor and Reed Smith LLP is acting as legal counsel to Complex.
As on December 03, 2021, the new company is now known as BuzzFeed, Inc., and its shares of Class A common stock and warrants are expected to commence trading on The Nasdaq Capital Market under the symbols BZFD and BZFDW, respectively, on Monday, December 6, 2021.
BuzzFeed, Inc. is a digital media company for the diverse, online, and socially connected generations across entertainment, news, food, pop culture and commerce. Its brands drive conversation and inspire what audiences watch, read and buy. Its brands include BuzzFeed, HuffPost, Tasty, and First We Feast (including Hot Ones). Its flagship BuzzFeed brand has become a go-to authority for curating entertainment, pop culture and the Internet. With articles, lists, quizzes, videos, and original series. HuffPost is a global media platform for news, politics, opinion, entertainment, features, and lifestyle content. Tasty is engaged in food community on the Internet, pioneering the overhead video format that is across food brands, and is a platform for food creators. It provides its advertising customers with a range of offerings, including display, programmatic and video advertising inventory to target users on its owned and operated sites, applications and third-party platforms.