BuzzFeed has plans to go public, CEO Jonah Peretti says

The social news and entertainment site eyes new investment and growth strategies

BuzzFeed is planning an IPO, the company’s CEO Jonah Peretti announced at a tech conference on Wednesday.

Mr Peretti has not offered a timeline to launch his IPO but the social news and entertainment site was valued at $850 million last summer.

“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,” he told ReCode. “Things that would allow us to be a public company”.

Pando Daily’s David Holmes wrote at length on the result of the media company going public and what the company might do with its new revenue options.

“And what will BuzzFeed do with all that cash? Buy everyone. I don’t mean other media companies — that’s not its style. Instead it will poaches as many journalists, old and young, as it can from rivals,” he said. “As fast as a young reporter makes her name at a smaller upstart, BuzzFeed will scoop her up.”

Full disclosure: the author of this story is a former BuzzFeed staffer.