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company debut on Nasdaq in SPAC deal

One of many buzziest new media firms on the planet is BuzzFeed. It’s additionally one of many oldest, based in 2006. It rapidly grew to become a success with youthful folks attributable to its listicles and different viral posts, earlier than transferring into extra severe journalism, for which the outfit has received a Pulitzer. As of at present, the company hits one other milestone: it goes public. Right here’s what that you must know:

  • What Is BuzzFeed? Do you really want to ask? It’s a information and leisure website that places out a few of the most viral content material on the online.
  • How is BuzzFeed going public? BuzzFeed had determined to go public by way of an SPAC as a substitute of a standard IPO, which it had deliberate to do till the pandemic hit, in line with founder Jonah Peretti (via the Monetary Instances). The SPAC deal will see BuzzFeed merge with 890 fifth Avenue Companions, Inc.
  • What market will BuzzFeed commerce on? In keeping with BuzzFeed’s press release, it should commerce on the Nasdaq beginning at present, December 6, 2021.
  • What’s BuzzFeed’s inventory ticker image? BuzzFeed will commerce underneath the ticker “BZFD”.
  • How a lot will BuzzFeed elevate? The company is predicted to lift $166.2 million in its SPAC debut.
  • Anything I ought to know? BuzzFeed is making its inventory market debut at a rocky time for the company. As The Monetary Instances stories, almost all of its SPAC fund buyers pulled their cash out, which the FT says, exhibits “skepticism over the media group’s prospects and underlining how far Spacs have fallen from favor.” After which there’s the issue BuzzFeed is having with its journalists over pay, sending some to stroll off the job final week.
    The higher information? BuzzFeed founder Peretti informed the FT the company made “half a billion {dollars} in income this yr.” The company additionally ended the rocky 2020 yr with $4 million in web revenue, in comparison with a web lack of $29 million a yr earlier.

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