BuzzFeed In Talks To Go Public In Merger With 890 Fifth Avenue SPAC

890 Fifth Avenue Partners Units ENFAU may be taking BuzzFeed public, according to a Bloomberg report.

What Happened: Rumors that BuzzFeed will go public have been swirling for years, but on Wednesday Bloomberg reported a deal may be close.

BuzzFeed, a digital media company, is in talks to merge with SPAC 890 Fifth Avenue Partners, although it could still fall through, according to people with knowledge of the matter.

Why It Matters: 890 Fifth Avenue, named in reference to Marvel Comic’s Avengers Mansion, is a tech, media and telecommunications-focused company, so it would be a good fit to take BuzzFeed public.

The SPAC just went public on Jan. 12 after raising $287.5 million in its initial public offering and said it planned to target businesses with an enterprise value of $750 million to $2 billion.

BuzzFeed, with a valuation of $1.7 billion, fits the bill. No details of the deal were given and neither company responded to Bloomberg’s request for comment.

What’s More: On March 10, BuzzFeed, which partnered with Verizon Communiations Inc. VZ to acquire HuffPost, announced it was laying off 45 staff and shutting down HuffPost Canada entirely.

BuzzFeed CEO Jonah Peretti said this was to "enable HuffPost to break even this year and eventually be profitable.” With the losses in revenue, BuzzFeed has suffered over the past year going public could certainly help the company to get back on its feet.

Related Link: Want to learn more about this deal and other SPACs? Check out "SPACs Attack" co-hosted by Chris Katje and Mitch Hoch on YouTube.

(Photo: BuzzFeed)