![]() ![]() In January, Vice Media restarted its sale process at a lower valuation, CNBC previously reported. These cuts have impacted companies like Wall Street Journal publisher Dow Jones and Vox Media. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. The stock fell nearly 20% Thursday, closing at 75 cents. ![]() Shares of the company have fallen about 90% since its IPO in late 2021. Several large shareholders had urged Peretti to shut down its news operations. BuzzFeed News won a Pulitzer Prize in 2021 for its reporting on China's mass detention of Muslims. It stood apart from the main, viral-content-generating BuzzFeed brand with straight news and investigative reporting. Personal Loans for 670 Credit Score or LowerīuzzFeed News, part of the digital media company's content division, had about 100 employees and lost about $10 million a year, two people familiar with the matter told CNBC last year. Personal Loans for 580 Credit Score or Lower They are resilient, smart and innovative which will be important as we move ahead.Best Debt Consolidation Loans for Bad Credit Jonah and his team have built an incredible business. Rothstein said in the statement his company had looked at many different media businesses “but none had the kind of brands, digital assets or business model that BuzzFeed does and which we believe can achieve the kind of meaningful growth and returns for our investors. See: How to Diversify Your Portfolio by Investing in Small Businessesįind: Top Investing Tips for Those Who Don’t Follow the Market “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,” Peretti said in the statement. and former BuzzFeed President, will join BuzzFeed’s Board of Directors. In addition, Adam Rothstein, Executive Chairman of 890 Fifth Avenue Partners Inc., and Greg Coleman, an advisor to 890 Fifth Avenue Partners Inc. ![]() The company said its management team will remain in place, with Peretti, BuzzFeed’s founder and CEO, and Felicia DellaFortuna, its CFO, continuing in their roles. The $300 million acquisition, which includes $200 in cash and $100 million of equity in BuzzFeed - will be completed simultaneously with the closing of BuzzFeed’s merger with 890 Fifth Avenue Partners Inc. The transaction is expected to close in Q4 2021.Īs part of the transaction, BuzzFeed also announced an agreement with Hearst and Verizon to acquire Complex Networks, a global youth network “with unparalleled engagement among millennials and Gen Z,” according to the statement. See: 10 Affordable Stocks You Can Buy on a Budgetįind: 10 Post-Pandemic Stocks To Add to Your PortfolioīuzzFeed, which was founded in 2006 by Jonah Peretti, said it is targeting an implied valuation at deal-closing of $1.5 billion and will be listed under the ticker symbol “BZFD,” according to a statement. ![]() Richard Vogel/AP/Shutterstock / Richard Vogel/AP/ShutterstockīuzzFeed announced today that it will become publicly listed via a merger with 890 Fifth Avenue Partners Inc., a publicly-traded special purpose acquisition company (SPAC), which holds $288 million in cash in its trust account. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |