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June 23, 2021, 6:40 p.m. EDT

BuzzFeed set to go public through SPAC merger

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Benjamin Mullin

BuzzFeed Inc. is close to a deal to go public through a merger with a special-purpose acquisition company, according to people familiar with the situation, part of a plan to consolidate other players in digital media.

BuzzFeed founder and Chief Executive Officer Jonah Peretti could announce a deal with 890 5th Avenue Partners Inc.  — a blank-check company named after the headquarters of Marvel’s Avengers superheroes and founded by investor Adam Rothstein — as early as this week, the people said.

The merger deal would generate capital to pursue additional acquisitions, including Complex Networks, a digital publisher that specializes in streetwear, music and pop culture. BuzzFeed is vying for greater scale to better compete for online ad dollars with tech giants such as Alphabet Inc.’s /zigman2/quotes/202490156/composite GOOGL -1.34%   /zigman2/quotes/205453964/composite GOOG -1.29% Google, Amazon. com Inc. /zigman2/quotes/210331248/composite AMZN +0.25% and Facebook Inc. /zigman2/quotes/205064656/composite FB +1.18% .

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/202490156/composite
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