BuzzFeed will go public to attract investments to consolidate itself in the digital media market (Credit: Reproduction/Wikipedia)
In a project to establish itself in the digital media market, BuzzFeed is about to go public through a special purpose acquisition company (SPAC). According to the Wall Street Journal, the company intends to buy the Complex, a major journalistic vehicle in the United States.
The expansion movement began last November, when it bought HuffPost, an information site created by journalist Arianna Huffington in partnership with Jonah Peretti, current CEO of BuzzFeed, in 2005. Investment in other areas is also part of the plans. digital, especially electronic commerce (e-commerce).
+ BuzzFeed lays off 47 HuffPost employees weeks after acquisition
+ BuzzFeed buys HuffPost in alliance with digital media rivals
According to Adweek, BuzzFeed increased its revenue from digital sales by 67% in 2020. The goal is to implement a “digital shopping” service that would offer products from partner sellers.
“We work hard and we should be proud of what we’ve achieved. We bring the key elements to a modern media company: financial discipline and profit, iconic brands, massively engaged audience, state-of-the-art platform and diversity. But this is all just the foundation for our next stage of growth. We will soon have publicly traded and more resources to invest in growth”, wrote Peretti.
What is SPAC?
The Special Purpose Acquisition Company is a company that raises money through an initial public offering (IPO) to acquire a business and then make it a publicly traded company. Called “blank check” IPOs, this type of operation has been around for nearly 20 years in the United States, becoming increasingly popular for raising funds on the stock exchange to invest in risky companies.
The difference to the traditional IPO is that investors are betting on the capacity of the hired managers to raise funds and that the capital raising is done before the company is defined on the stock exchange. This credibility of the contracted company is responsible for the investor to make the so-called “blank check”.
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source https://pledgetimes.com/buzzfeed-to-go-public-and-invest-in-digital-expansion/
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