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2021-06-24

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BuzzFeed Nears Deal to Go Public Via SPAC, Eyeing Digital-Media Rollup

BuzzFeed Inc. is close to a deal to go public through a merger with a special-purpose acquisition co

BuzzFeed Nears Deal to Go Public Via SPAC, Eyeing Digital-Media Rollup

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BuzzFeed is vying for greater scale to better compete for online ad dollars with tech giants such asAlphabetInc.’sGoogle,Amazon.com Inc. andFacebookInc.</p>\n<p>The Information earlierreported on BuzzFeed’s plansto buy rivals, including Complex Networks, as a public company.</p>\n<p>The deal to take BuzzFeed public marks a turning point for Mr. Peretti, a onetime schoolteacher who parlayed his affinity for stunts that went viral on the internet into a winding career as a digital-media entrepreneur. The 47-year-old executive helped found HuffPost alongside Arianna Huffington in 2005 and began work on BuzzFeed in a small workspace in New York’s Chinatown neighborhood in 2006.</p>\n<p>Mr. Peretti hopes the moves to acquire Complex and other companies will give the combined entity enough scale to grow despite the increasing dominance of Google and Facebook over the digital advertising industry, the people said. 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BuzzFeed is vying for greater scale to better compete for online ad dollars with tech giants such asAlphabetInc.’sGoogle,Amazon.com Inc. andFacebookInc.\nThe Information earlierreported on BuzzFeed’s plansto buy rivals, including Complex Networks, as a public company.\nThe deal to take BuzzFeed public marks a turning point for Mr. Peretti, a onetime schoolteacher who parlayed his affinity for stunts that went viral on the internet into a winding career as a digital-media entrepreneur. The 47-year-old executive helped found HuffPost alongside Arianna Huffington in 2005 and began work on BuzzFeed in a small workspace in New York’s Chinatown neighborhood in 2006.\nMr. Peretti hopes the moves to acquire Complex and other companies will give the combined entity enough scale to grow despite the increasing dominance of Google and Facebook over the digital advertising industry, the people said. BuzzFeed will also look to continue its growth in other areas including e-commerce and affiliate commerce—the practice of making money by selling products and referring potential customers to websites that sell products they might be interested in.\nEven with the addition of Complex and other companies, there is no guarantee that BuzzFeed can further enlarge its share of the digital-ad sector. In recent years, most of the growth has gone to Google, Facebook and Amazon, and the Covid-19 pandemiconly accelerated that trend. 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