Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. BuzzFeed, Inc.
  6. News
  7. Summary
    BZFD   US12430A1025

BUZZFEED, INC.

(BZFD)
  Report
Real-time Estimate Cboe BZX  -  03:20 2022-10-04 pm EDT
1.685 USD   +7.32%
08:34aBuzzFeed, Inc. to Release Third Quarter 2022 Financial Results on Monday, November 14, 2022
BU
09/20Palihapitiya to wind down two SPACs as choppy markets drag valuations
RE
09/15BuzzFeed, Inc. to Participate in Sidoti Small-Cap Virtual Investor Conference
BU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Two SPACs backed by billionaire Ken Moelis withdraw U.S. IPO plans

03/16/2022 | 05:54pm EDT
Chief executive officer of Moelis & Co., Ken Moelis smiles after ringing the bell to mark the company's IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York

(Reuters) - Two special purpose acquisition companies (SPACs) backed by billionaire investment banker Ken Moelis have withdrawn their plans for initial public offerings in the United States, according to regulatory filings on Wednesday.

The SPACs, ACI Corp III and Atlas Crest Investment Corp IV, had filed for their IPOs in March last year and were looking to raise up to a combined $1 billion.

Moelis was among a number of high-profile investment bankers and investors, a list that includes Bill Foley and Chamath Palihapitiya, who rushed to take advantage of the lucrative dealmaking frenzy with SPACs.

However, interest in the market has waned, with shares of several companies such as Grab Holdings and BuzzFeed Inc, which merged with SPACs, tumbling after going public.

High rates of redemptions by SPAC investors have also dampened investor appetite, as has volatility in the U.S. markets triggered by rate hike concerns and geopolitical tensions.

A SPAC backed by Moelis, founder and chief executive officer of investment banking firm Moelis & Co, has previously taken electric aircraft startup Archer Aviation Inc public. However, even on that deal, the companies had to amend terms to cut Archer's enterprise value by $1 billion.

SPACs are listed firms with no business operations but a pool of capital raised through an IPO that they use to merge with private companies, in deals that take the private companies public.

(Reporting by Niket Nishant in Bengaluru; Editing by David Gregorio)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARCHER AVIATION INC. 5.70% 2.875 Delayed Quote.-54.97%
BUZZFEED, INC. 5.73% 1.66 Delayed Quote.-70.54%
FIDELITY NATIONAL FINANCIAL, INC. 4.47% 39.06 Delayed Quote.-28.33%
GRAB HOLDINGS LIMITED 7.78% 2.905 Delayed Quote.-62.13%
MOELIS & COMPANY 9.06% 37.675 Delayed Quote.-44.71%
All news about BUZZFEED, INC.
08:34aBuzzFeed, Inc. to Release Third Quarter 2022 Financial Results on Monday, November 14, ..
BU
09/20Palihapitiya to wind down two SPACs as choppy markets drag valuations
RE
09/15BuzzFeed, Inc. to Participate in Sidoti Small-Cap Virtual Investor Conference
BU
09/07BuzzFeed Seeks M&A
CI
09/07Transcript : BuzzFeed, Inc. Presents at Bank of America Media, Communications..
CI
09/06BuzzFeed, Inc. to Participate in BofA Securities 2022 Media, Communications and Enterta..
BU
08/16Buzzfeed, Inc. : Entry into a Material Definitive Agreement, Financial Statements and Exhi..
AQ
08/11BofA Securities Downgrades BuzzFeed to Underperform From Neutral, Adjusts Price Target ..
MT
08/10MarketScreener’s World Press Review : August 10, 202..
MS
08/09Buzzfeed : Management Change/Compensation - Form 8-K
PU
More news
Analyst Recommendations on BUZZFEED, INC.
More recommendations
Financials (USD)
Sales 2022 435 M - -
Net income 2022 -84,5 M - -
Net Debt 2022 - - -
P/E ratio 2022 -2,56x
Yield 2022 -
Capitalization 218 M 218 M -
Capi. / Sales 2022 0,50x
Capi. / Sales 2023 0,47x
Nbr of Employees 1 522
Free-Float 49,4%
Chart BUZZFEED, INC.
Duration : Period :
BuzzFeed, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 1,57 $
Average target price 3,00 $
Spread / Average Target 91,1%
EPS Revisions
Managers and Directors
Jonah H. Peretti Chairman & Chief Executive Officer
Marcela Martin President
Felicia DellaFortuna Senior Director-Finance
Peter Wang Chief Technology Officer
Christian Baesler Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
BUZZFEED, INC.-70.54%218
TENCENT HOLDINGS LIMITED-42.25%316 603
NETFLIX, INC.-60.32%106 302
PROSUS N.V.-26.56%72 961
AIRBNB, INC.-36.93%67 147
UBER TECHNOLOGIES, INC.-36.27%52 903