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The Blueshirt Group handles Buzzfeed as it plans to merge with 890 Fifth Avenue Partners blank check firm and become public in a deal valued at $1.5B.
The SPAC has $288M in cash and $150M in convertible note financing led by Redwood Capital Management,
Buzzfeed plans to use the cash to acquire Complex Network—a streetwear, fashion, food, music and pop culture platform aimed at millennials and Gen Zers—from Hearst and Verizon.
The Complex deal is worth $300M—$200M in cash and $100M in equity.
Buzzfeed is the home of BuzzFeed News, BuzzFeed Entertainment, HuffPost and Tasty Lifestyle Brands.
The digital media company believes the addition of the Complex brands better positions it "to thrive in the age of media consolidation."
Adam Rothstein, executive chairman of 890, and Greg Coleman, ex-Buzzfeed president and advisor to 890, will join Buzzfeed’s board of directors.
Rothstein said 890 “looked at a number of different media businesses but none had the kind of brands, digital assets or business model that Buzzfeed does and which we believe can achieve the kind of meaningful growth and returns for our investors.”
Blueshirt's Lana Adair handles Buzzfeed.
Britain’s Next Fifteen Communications Group owns Blueshirt.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
