BuzzFeed prepares to go public with workers protesting.

Shareholders to BuzzFeed, the digital media leader known for its listings, contests and news segment that won the first Pulitzer Prize this year, voted Thursday to go public with the company.

The deal that would take BuzzFeed to the stock market raised less money than initially expected, which could hamper the company’s spending in the coming years and lead it to rein in its ambitions.

The long-term plan, led by BuzzFeed co-founder and CEO Jonah Peretti, will combine it with a special purpose acquisition firm, 890 5th Avenue Partners. So-called SPACs raise money through an initial public offering and use that money to purchase a private company.

The deal is expected to close by Friday, 890 Fifth Avenue Partners said in a press release. BuzzFeed will make a file For the first time in the stock market Once on Monday, under the ticker symbol BZFD. Part of the deal includes BuzzFeed’s completion of the $300 million acquisition of Sports and Entertainment Company Complex Networks.

Because investors who buy into SPAC don’t know which company they plan to buy, they have the opportunity to redeem those shares at the IPO price — in this case $10 — before you hit any deal. He did a lot. BuzzFeed could have raised more than $250 million from investors in SPAC, but ultimately only got $16 million, according to a press release from BuzzFeed and 890. But BuzzFeed will raise $150 million from the sale of the debt guarantee. Other SPAC deals have suffered in recent weeks with shareholders demanding their money back.

As shareholders cast their votes, a move that could mean millions of dollars for its early investors and some current and former employees, not everyone in the company was cheering: Union employees at its news division, BuzzFeed News, made a day-long layoff in an effort to speed up contract negotiations. The union said all 61 workers affiliated with the BuzzFeed news union, which includes reporters, editors and designers, participated.

The union, in a statement, accused the company of refusing to budge from contract negotiations. The main sticking point is the pay. The union said BuzzFeed was proposing a 1 percent guaranteed annual wage increase and a minimum salary of $50,000.

“We deserve a strong contract that protects us and ensures a fair and equitable workplace for everyone in our unit,” Chief Technology Correspondent Katie Notopoulos said in the statement.

A BuzzFeed spokesperson said the company will return to the negotiating table “next Tuesday as we hope the union will provide a response to these issues.”

union that formed In February 2019, he is represented by NewsGuild, which also represents staff for The New York Times and other media. The union and the company still have to agree on the first contract.

BuzzFeed started from a small office in New York’s Chinatown in 2006 as a pilot project in viral media for Mr. Peretti, when his day job was chief technology officer at the Huffington Post. He devoted himself full time to BuzzFeed in 2011, after AOL bought HuffPost for $315 million, turning it into a standalone media company with the help of $35 million from investors.

He was soon hailed as the future of media. Despite this, in recent years it has failed to meet revenue targets, pushing some investors to sell. Last year, BuzzFeed gained scale when it acquired HuffPost from its latest owner, Verizon, in a stock deal.

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