US digital media company that focuses on news, lifestyle and entertainment BuzzFeed just announced a plan to go public via a special purpose acquisition (Spac) deal with 890 Fifth Avenue Partners. The company will also acquire media company Complex Networks. These business moves will bring BuzzFeed’s value to $1.5 billion.

Spac has been gaining popularity. Also known as “blank check company,” a Spac company is basically a shell company listed on a stock exchange to acquire a private company, thus makingit public without going through the traditional public offeringroute. It is estimated that Spac may cut up to 75% of the time required for a company to go public.

BuzzFeed, which is known for its quizzes and lists, has been actively acquiring companies over the past year, merging with Huffington Post last November. BuzzFeed won this year’s Pulitzer Prize for its story about China’s Uyghur detention camp, a testament to its growing presence in the competition. At the same time, the media company is building its lifestyle brands as well as licensing consumer products.