BuzzFeed, Inc agreed to acquire Complex Media, Inc. from Verizon Communications Inc. (NYSE:VZ) and Hearst Communications, Inc. for $300 million on June 24, 2021. The $300 million acquisition of Complex consists of $200 million in cash and $100M of equity in BuzzFeed. In a related transaction, BuzzFeed will merge with 890 Fifth Avenue Partners Inc. to become a public company. Following the transaction, Complex Networks will remain editorially independent.

Complex Networks Founder and Chief Executive Officer Rich Antoniello will serve in two-year strategic advisory role to BuzzFeed and Chief Executive Officer Jonah Peretti. Christian Baesler, currently President of Complex Networks, will assume the role of Chief Executive Officer. Justin Killion, current GM and Executive Vice President for Operations & Content at Complex Networks, will become its President. The transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in the fourth quarter of 2021. BofA Securities is acting as financial advisors to BuzzFeed on the acquisition of Complex Networks. Jennifer Cheng, Susan Nieto, James Tandler, Kevin Kay, Michael Kleinmann, Tadashi Okamoto, Ari Edelman, Peter Emmi, Michelle Mantine and Thomas Marrinson of Fenwick & West LLP is acting as legal counselors to BuzzFeed. Allen & Company LLC is acting as financial advisor and Reed Smith LLP is acting as legal counsel to Complex.
As on December 03, 2021, the new company is now known as BuzzFeed, Inc., and its shares of Class A common stock and warrants are expected to commence trading on The Nasdaq Capital Market under the symbols “BZFD” and “BZFDW”, respectively, on Monday, December 6, 2021.