BuzzFeed, a tech-powered media company for digital content and commerce for millennial and Gen Z audiences, will merge with 890 5th Avenue Partners, Inc. (“890”), a tech, media and telecom  special purpose acquisition company, known as a SPAC.  The transaction includes an additional $150 million in convertible note financing led by Redwood Capital Management. The parent company will be known as BuzzFeed, Inc. after the merger.

According to a release, BuzzFeed’s management team will remain in place, with Jonah Peretti, shown above, BuzzFeed’s Founder and CEO, and Felicia DellaFortuna, its CFO, continuing in their roles along with other executive team members. In addition, Adam Rothstein, Executive Chairman of 890, and Greg Coleman, an advisor to 890 and former BuzzFeed President, will join BuzzFeed’s Board of Directors. Two additional board members will also be announced in the coming months bringing additional expertise and representation to the combined company.

“BuzzFeed is now the undeniable leader for the next generation of media. We’ve built a slate of essential brands, loved by the most diverse, engaged, and loyal audience on the Internet,” Peretti said. “With today’s announcement, we’re taking the next step in BuzzFeed’s evolution, bringing capital and additional experience to our business. I am thrilled to have Adam join our team as we work towards becoming the world’s preeminent digital media company.”

Peretti added, “the acquisition of Complex Networks will expand our reach into new audiences, complement our entertainment, news, and lifestyle brands, and open the door to even more revenue opportunities.”

More here.