BuzzFeed

BuzzFeed was founded by Jonah Peretti in 2006 and became one of the most recognizable digital media brands, known for viral content, listicles, quizzes, and eventually serious journalism through BuzzFeed News. The company merged with 890 Fifth Avenue Partners in December 2021.

The SPAC deal was notable because 94% of trust holders redeemed their shares before closing — one of the highest redemption rates on record — leaving BuzzFeed with far less cash than expected. This was an early warning that investors didn't believe in the valuation.

BuzzFeed simultaneously acquired Complex Networks as part of the SPAC transaction, adding food and pop culture content. But the digital media business model was under severe pressure. Social media platforms were keeping users (and ad dollars) on their own platforms, reducing traffic to publisher websites.

In April 2023, BuzzFeed shut down BuzzFeed News entirely, laying off the journalism division. The company pivoted toward AI-generated content, which drew criticism. Revenue continued declining and the stock fell over 97%. Peretti explored going private but couldn't find buyers at acceptable prices.