BuzzFeed to Go Public in SPAC Deal Valuing It at $1.5 Billion

BuzzFeed Inc., the digital-media outlet, has struck a deal to go public through a merger with blank-check company 890 5th Avenue Partners Inc.

The deal values BuzzFeed at $1.5 billion, according to a statement Thursday.

The agreement, which comes after months of negotiations, confirms a Bloomberg News report in March that the parties were in talks.

As part of the deal, BuzzFeed also agreed to acquire youth-focused media company Complex Networks from Hearst Corp. and Verizon Communications Inc. for $300 million, structured as $200 million in cash and $100 million in BuzzFeed equity.

890 5th Avenue has $288 million ...