BuzzFeed planning to go public

The news, digital media and lifestyle company could be valued at €1.25bn

BuzzFeed – the news, digital media and lifestyle company – has announced plans to become a publicly-traded company through a special purpose acquisition company (Spac) that could value the 15-year-old New York-based firm at $1.5bn (€1.25bn). Picture: Dominic Lipinski/PA Wire

BuzzFeed – the news, digital media and lifestyle company – has announced plans to become a publicly-traded company through a special purpose acquisition company (Spac) that could value the 15-year-old New York-based firm at $1.5bn (€1.25bn).

The company, initially known for listicles and online quizzes, also announced plans to buy Complex Networks, a global youth network that engages with millennials and the so-called Gen Z population, from phone giant Verizon and publisher Hearst for $300m.

BuzzFeed has been on an acquisitions spree over the past year, merging with HuffPost in November and following a consolidation trend in digital media start-ups.

Pulitzer

It has become a contender in the news business, this year winning a Pulitzer for a series on China’s Uyghur detention camps, while simultaneously building what it describes as “identity-driven” lifestyle brands and licensing consumer products including food, cookbooks, Tasty branded cookware, and affiliate commerce.

BuzzFeed will join a number of companies this year that have followed the non-traditional Spac path, which does not require the participation of an underwriting financial institution or attract the same level of oversight as a traditional initial public offering.

• Guardian Service