SoftBank, Hearst and NBCUniversal-backed digital media company will get a Nasdaq listing through the deal, valuing it just below its last funding round five years ago.
Buzzfeed, the US-based digital media company backed by broadcaster NBCUniversal, media group Hearst and telecommunications and internet group SoftBank, has agreed a reverse takeover at an implied valuation of about $1.5bn.
The company is joining forces with special purpose acquisition company 890 5th Avenue Partners, which floated on the Nasdaq Capital Market in a $250m initial public offering in January this year.
Alternative investment manager Redwood Capital Management is leading a $150m convertible note financing supporting the transaction, participating…
