BuzzFeed News employees are (digitally) walking off the job this morning for 24 hours, as shareholders get ready to vote to take BuzzFeed public via a merger with a SPAC. ShawnMcCreesh reports
Photo-Illustration: Intelligencer; Photo: BuzzFeed BuzzFeed shareholders will vote today to take the company public via a merger with a special-purpose-acquisition company, or SPAC. The deal is expected to close Friday. By Monday, the company could start trading under the stock ticker BZFD. Shares are expected to trade for around $10.
Here’s a primer: A SPAC, sometimes called a blank-check company, is an empty entity that outside investors pour money into and use to take a real, operating company public. This particular SPAC is named 890 Fifth Avenue Partners, after the Avengers headquarters in the Marvel Comics Universe. It will absorb both BuzzFeed and Complex Networks, combine them, then spit out a new public company. SPAC mergers are a quicker way to go public than an initial public offering.
Another giveaway — this one less consequential — concerns NBCUniversal. In 2015, it invested $200 million in BuzzFeed. It threw another $200 million at BuzzFeed the next year and valued the publisher at $1.7 billion. Now, under the new SPAC deal, BuzzFeed carries a lower valuation, at about $1.5 billion. As an August story in The Wall Street Journal revealed, this pissed off execs at the Peacock. So concessions to NBC needed to be baked into the SPAC deal.
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