Latham & Watkins Advises Allen Family Digital in Majority Stake Investment in BuzzFeed

BuzzFeed, Inc. (Nasdaq: BZFD) has announced that the company has entered into a transaction agreement with Allen Family Digital, LLC, an affiliate of Byron Allen’s family office, under which BuzzFeed, Inc. will accept a majority investment from Allen Family Digital, LLC. Under the terms of the agreement, Allen Family Digital will acquire 40 million shares of BuzzFeed, Inc. at a price of US$3.00 per share for a total purchase price of US$120 million. Upon closing, Allen Family Digital will own approximately 52% of the company’s outstanding shares. The purchase price will be funded with US$20 million in cash at closing and a US$100 million promissory note due five years from closing, accruing interest at 5% annually.

Latham & Watkins LLP represents Allen Family Digital in the transaction with a corporate deal team led by Los Angeles partner Steven Stokdyk, with associates Lauren Richardson and Stephen Oh. Advice was provided on finance matters by New York/Los Angeles partner Nathan Whitaker; on capital markets matters by Washington, D.C. partner William Hackett, with associate Sara Almousa; and on tax matters by Los Angeles partner Pardis Zomorodi.