Vice, BuzzFeed Facing Valuation Cuts in SPAC Deals

Media firms such as Vice and BuzzFeed are likely to go public by merging with special purpose acquisition companies in the next few months—but unlike SPAC deals in bubbly industries like electric vehicles, the deals are likely to be done at valuations below what the media firms have fetched in the past.

Vice Media is in talks with at least two SPACs. One of the offers is at a valuation around $2.5 billion, less than half Vice’s peak valuation of $5.7 billion from 2017. Meanwhile, BuzzFeed is in talks to go public through a merger with a SPAC called 890 Fifth Avenue Partners at a valuation that would be a little below BuzzFeed’s $1.7 billion peak valuation, one of the people familiar with the situation said.