Fenwick Represents BuzzFeed in Agreement to Acquire Complex Networks

Fenwick represented BuzzFeed, a digital media company that reaches hundreds of millions globally through its cross-platform news and entertainment network, in its acquisition of Complex Networks, a global youth entertainment company spanning style, food, music, sneakers and pop culture. The $300 million acquisition, consisting of $200 million in cash and $100 million of equity in BuzzFeed, is expected to close in the fourth quarter of 2021.

The acquisition of Complex Networks will help BuzzFeed become better-positioned to thrive in an age of media consolidation. More information can be obtained from the company’s announcement.

The announcement follows BuzzFeed’s disclosure that it is seeking to go public in a combination with 890 Fifth Avenue Partners, a special purpose acquisition company (SPAC) with $288 million in cash in trust. More information about that transaction can be found here.

Fenwick has represented New York-based BuzzFeed for several years, including on its $200 million Series G financing in 2016. This was the same year the firm opened its New York office, which has expanded rapidly (from eight attorneys to more than 100) with the growth of the region’s technology and life sciences sectors.

The Fenwick transaction team included corporate partner Ethan Skerry, associate Rachel Holland and law clerk Riddhi Adhikari; technology transactions partner Vejay Lalla and associates Julia Arruda and Mona Fang; executive compensation and employee benefits partner Gerald Audant and associate Emily Gulyako; employment practices counsel Matthew Damm; privacy and cybersecurity counsel Helen Christakos; antitrust and trade regulation partner Mark Ostrau; intellectual property associate Allyson Madrid; litigation associate Matthew Becker; and tax partner Larissa Neumann.