Understanding the media company SPAC push
Sorry for all the SPAC coverage today, but a host of richly valued private companies that have an ocean of venture capital funds under their belt are going public. We have to pay attention.
Earlier today, TechCrunch covered the brand-new Better.com SPAC deal that will take the digital mortgage provider public. But it was hardly the only company working to combine with a blank-check company that demanded our attention today. There are a few media companies looking to do the same: Vice and the previously named Bustle.
It’s notable that we’re discussing SPAC deals for media companies at all because a few days ago, CNBC reported that such efforts had come into doubt, noting that the recent SPAC slowdown had led to “digital media companies [reassessing] their timeline on going public.”
Writing this to you as someone currently being spat out from a phone company into the hands of private equity, I was not terribly surprised that companies in my business were not enjoying the warmest of public receptions. After all, we’d seen some software companies delay their IPOs in recent weeks — though those efforts are now back on, largely — so to see the ever-less-attractive media concerns of the unicorn realm hold off on their offerings simply didn’t shock. Especially as SPAC stocks have taken a hammering.
And then, today.