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.
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