BuzzFeed confirms IPO move but remains tight lipped on timing
Media brand BuzzFeed is to press ahead with an initial public offering, chief executive Jonah Peretti has announced, although he remains tight lipped on the schedule for any such move.
The decision reflects growing confidence and ambition at the fast growing platform which is seeking to capitalise on its success as a news aggregator and compiler of comic lists to become a serious player in the global media industry.
A successful formula of serious news, videos and sponsored content saw BuzzFeed valued at $850m in August, despite recent scandals in which it was shown to have removed critical editorial content at the behest of advertisers.
Speaking at the Code tech conference Peretti said: “We’re very focused on building out internationally; we’re very focused on building out across multiple different platforms; we’re very focused on building out our video business.”
BuzzFeed’s move comes amidst a wave of public IPO’s as tech firms seek to capitalise on investor enthusiasm for the sector.