{"id":28984,"date":"2021-12-04T15:30:50","date_gmt":"2021-12-04T10:30:50","guid":{"rendered":"https:\/\/pni.net.pk\/en\/?p=28984"},"modified":"2021-12-04T16:34:27","modified_gmt":"2021-12-04T11:34:27","slug":"buzzfeed-to-go-public-after-raising-less-money-than-expected","status":"publish","type":"post","link":"https:\/\/pni.net.pk\/en\/latest-business-news\/buzzfeed-to-go-public-after-raising-less-money-than-expected\/","title":{"rendered":"BuzzFeed to go public after raising less money than expected"},"content":{"rendered":"<p>New York, Dec 4 (AFP\/APP):American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised less money than expected.<\/p>\n<p>In a press release Friday, BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, a special purpose acquisition company (SPAC), which aims to raise funds through an initial public offering to acquire an existing company.<\/p>\n<p>Buzzfeed&#8217;s shares are expected to start trading on the Nasdaq on Monday under the ticker symbol &#8220;BZFD&#8221;.<br \/>\nBuzzFeed aimed to be valued on Wall Street at $1.5 billion but it raised just $16 million from the SPAC deal, which was announced in June.<\/p>\n<p>BuzzFeed initially said 890 5th Avenue Partners held about $288 million in cash, but the majority of investors ultimately withdrew.<br \/>\nThe digital company also raised $150 million in debt financing as part of the deal.<\/p>\n<p>BuzzFeed, created in 2006, first became known for its lists and topical quizzes, before broadening its offerings with a Pulitzer Prize-winning news division, YouTube channel and podcasts.<\/p>\n<p>In November 2020, the platform headquartered in New York bought the Huffington Post news site from Verizon, without disclosing the amount.<br \/>\nBuzzfeed&#8217;s public listing comes just days after employees at the news arm staged a 24-hour walkout protesting the company&#8217;s failure to offer certain contract conditions, including a salary base of $50,000, after nearly two years of negotiations.<\/p>\n<p>&#8220;BuzzFeed won&#8217;t budge on critical issues like wages &#8212; all while preparing to go public and make executives even richer,&#8221; the union said on Twitter.<br \/>\nAs part of the SPAC deal, BuzzFeed has also acquired Complex Networks, a media company jointly run by Verizon and Hearst.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York, Dec 4 (AFP\/APP):American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised less money than expected. In a press release Friday, BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, [&#8230;]<\/p>\n<p>\n","protected":false},"author":16,"featured_media":28985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[14444],"class_list":["post-28984","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-news","tag-buzzfeed-to-go-public-after-raising-less-money-than-expected"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BuzzFeed to go public after raising less money than expected<\/title>\n<meta name=\"description\" content=\"BuzzFeed to go public after raising less money than expected\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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