In spite of hurdles BuzzFeed to go public
Known for its viral content and journalism, BuzzFeed, an American digital company, will go public on Monday after raising less money than expected.
An initial public offering (IPO) to acquire an existing company is the goal of a special purpose acquisition (SPAC) formed by BuzzFeed and 890 5th Avenue Partners, a private equity firm based in New York City.
It is anticipated that Buzzfeed’s shares will begin trading on the Nasdaq on Monday under the ticker symbol “BZFD.”
The SPAC deal announced in June raised just $16 million for BuzzFeed, which aimed to be valued on Wall Street at $1.5 billion.
More than half of the investors in BuzzFeed’s 5th Avenue Partners withdrew from the company.
Additionally, the digital company received debt financing in the amount of $150 million.
Founded in 2006, BuzzFeed has since expanded its offerings to include a Pulitzer Prize-winning news division, a YouTube channel, and a podcast network.
In November 2020, a New York-based platform purchased the Huffington Post news site from Verizon without revealing the purchase price.
After nearly two years of negotiations, Buzzfeed employees staged a 24-hour walkout in protest of the company’s failure to offer certain contract conditions, such as a $50,000 salary base, after the company’s public listing just days earlier.
This is all while BuzzFeed is gearing up to go public and enrich its executives even further, the union claimed on Twitter.
BuzzFeed has also...
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