ENFAU - Likely SPAC deals for media upstarts mean likely losses for big-media backers

Upstart media companies are headed toward public debuts via special-purpose acquisition companies, though that's likely to mean a bit of a haircut to valuations - with an impact on their big-media backers, The Information reports. Vice Media is talking with at least two SPACs about going public, and one of the offers values the company around $2.5B - less than half peak valuation of $5.7B from 2017, the report notes. And BuzzFeed (BUZZF) has been talking with the SPAC 890 Fifth Avenue Partners ([[ENFAU]] +0.6%; nerdily named for the location of Avengers Mansion from Marvel comics) about going public at a valuation below its $1.7B peak. And if those talks pan out it means losses for the likes of NBCUniversal (CMCSA +1.1%), which would take a slight loss on its BuzzFeed holdings, and Disney (DIS -1.2%) and TPG, which face bigger losses on their buy-ins to Vice. BuzzFeed's deal is

For further details see:

Likely SPAC deals for media upstarts mean likely losses for big-media backers