Digital media company BuzzFeed is setting its sights on growth. It plans to become a publicly traded company with an implied value of $1.5 billion through a merger with a special purpose acquisition company.
BuzzFeed hopes the move will put it in a better position to capture lucrative digital ad dollars against much bigger rivals like Google, Facebook and Amazon.
The company, founded by Jonah Peretti in 2006 and initially known for listicles and online quizzes, has established itself as a serious contender in the news business, this year winning a Pulitzer for international reporting. Its other brands include Tasty, the world's largest social food network.
It has been buying up competitors, including HuffPost, the media outlet founded in 2005 as The Huffington Post, from Verizon Media in November. BuzzFeed said Thursday that it plans to buy Complex Networks from Verizon and Hearst for $300 million. Complex is a global youth network that engages with millennials and Gen Z.
Digital advertising is a tough space to succeed in, and digital newsrooms have been consolidating, including Vox's purchase of New York Magazine and its digital arms. Facebook and Google get the majority of digital-ad dollars. In a statement, Peretti said the acquisition of Complex would "open the door to even more revenue opportunities."
A number of companies this year have chosen a non-traditional path to putting their shares on the public market, choosing to skip partnerships with traditional financial institutions, and instead merging with a special purpose acquisition company, or SPAC.
SPACs can cut up to 75% off the time it takes for a company to get its stock trading on an exchange, versus the traditional process of an initial public offering. SPACs can also make it easier to get prospective buyers on board. Companies going the SPAC route often feel more license to highlight projections for big growth they're expecting in the future, for example. In a traditional IPO, the company is limited to highlighting its past performance, which may not be a great selling point for young startups that typically fail to put up big profits or revenue.
BuzzFeed, based in New York City, is merging with a SPAC called 890 Fifth Avenue Partners Inc.
BuzzFeed said that the parent company will be known as BuzzFeed Inc. Shares will trade under the ticker symbol "BZFD," and will list on a market to be determined.
Mike Pierantozzi joins Movers+Shakers as exec creative director
Creative agency Movers+Shakers has appointed Mike Pierantozzi as executive creative director. In this new role, he will help guide the creative direction of Movers+Shakers’ socially-native campaigns. Pierantozzi will report to co-founder and chief creative officer Geoffrey Goldberg.
With nearly two decades of experience as a copywriter, creative director, and multi-platform storyteller, Pierantozzi brings a wealth of knowledge from his work with major brands including Kraft, Unilever, IBM, and Walmart. He has led the creation of award-winning campaigns for agencies like Red Tettemer, Ogilvy, The Brooklyn Brothers, TAXI, Saatchi & Saatchi, and most recently, Vayner, where he spearheaded culturally iconic work for Planters including “Death of Mr. Peanut.” He led the National Down Syndrome Society and Luvs account, whose “First Kid. Second Kid” campaign was awarded by the Effies, ADC, Clios and LIAs.
Outside of the office, Pierantozzi practices what he teaches brands. He’s gone viral multiple times on his own TikTok account, featuring comedic interactions with his son and a trombone. He’s accumulated 15K followers on TikTok.
“Mike brings a rare and awesome combination of deep social and platform experience, a keen eye for excellent storytelling, and a humble and kind approach to leadership,” said Goldberg. “Mike’s got a knack for turning brand stories into cultural movements, making him the perfect fit for Movers+Shakers. He’s got the kind of bold vision and attention to culture that fits perfectly with our mission to push creative boundaries and drive industry firsts. Plus, as a creator himself he has the innate ability to make people stop, laugh, and share--which is exactly what we’re about.”
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