Business
BuzzFeed Announces Filing of a Registration Statement on Form S-4 for Proposed Merger With 890 5th Avenue Partners and the Planned Acquisition of Complex Networks
BuzzFeed Reports Q1’21 YoY Revenue Growth of 14% and a 54% Improvement in Adjusted EBITDA Merger Anticipated to Close in Q4’21 NEW YORK--(BUSINESS WIRE)--
About this update from Buzzfeed, Inc.
[{"type":"text","content":"\nBuzzFeed Reports Q1’21 YoY Revenue Growth of 14% and a 54% Improvement in Adjusted EBITDA \n\nMerger Anticipated to Close in Q4’21\n\n NEW YORK--(BUSINESS WIRE)--\nBuzzFeed, the leading tech-powered media company for digital content and commerce for millennial and Gen Z audiences, announced today the filing of a registration statement on Form S-4 with the Securities and Exchange Commission in connection with its proposed merger with a subsidiary of 890 5th Avenue Partners, Inc. (Nasdaq: ENFA, ENFAU, ENFAW) (“890”), a special purpose acquisition company. On June 24, 2021, BuzzFeed and 890 announced their plan to merge (the “Merger”). As part of the transaction, BuzzFeed will acquire Complex Networks from Verizon and Hearst, subject to regulatory approval and closing conditions (together with the Merger, the “Business Combination”).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210730005590/en/\nThe Form S-4, filed with the SEC today by 890, reports BuzzFeed’s financial performance for the first quarter of 2021.\n\nJonah Peretti, Founder and CEO of BuzzFeed commented, “BuzzFeed’s Q1 performance is defined by the strength of our fast-growing commerce business and robust advertising revenue growth, which reflect the strategic commitment to developing our highest-margin revenue lines to drive ongoing improvement in adjusted EBITDA. The second quarter is looking even stronger, with an acceleration of growth in each of our revenue streams compared to Q1, and a continuation in the shift in our revenue mix contributing to further margin expansion.” Peretti added, “We remain excited about the pending acquisition of Complex Networks and look forward to working with its talented team to accelerate their commerce and advertising revenue growth while allowing BuzzFeed to benefit from their complementary audience and business profile.”\n\nIn the first quarter of 2021, BuzzFeed’s revenues grew 14% over the corresponding period last year, driven by strong growth in advertising and commerce revenues:\n\n\nAdvertising revenue increased $7.3 million, or by 23%, driven by improvement in the number of direct sold ad impressions, which resulted from both an increase in time spent with our content across our portfolio of brands and improved monetization of that growing audience. This was...