????不久前，病毒式傳媒公司BuzzFeed創(chuàng)始人喬納?佩雷蒂拒絕了迪士尼（Disney）的高價(jià)收購要約，從而引發(fā)了一系列連鎖反應(yīng)。BuzzFeed拒絕迪士尼，可不是什么新創(chuàng)企業(yè)拒絕提前套現(xiàn)點(diǎn)小錢的故事。BuzzFeed已經(jīng)成立7年了，投資者（價(jià)值4630萬美元）和公司員工（500多名）都渴望有靠譜的股票出讓機(jī)會。

????迪士尼提供的正是這樣的機(jī)會?！敦?cái)富》雜志曾第一個報(bào)道，迪士尼與BuzzFeed曾在今年早些時候認(rèn)真地討論過收購問題。但BuzzFeed最終拒絕了迪士尼給出的收購要約，因?yàn)榕謇椎傧Ｍ棺约旱墓颈３知?dú)立。

????這是一個大膽的舉動，而它的后果包括：一、BuzzFeed首席運(yùn)營官喬恩?斯坦伯格于上周在尚未找到合適接班人的情況下就已經(jīng)離職。斯坦伯格在BuzzFeed工作了四年，扮演著非常重要的角色，不僅負(fù)責(zé)BuzzFeed利潤豐厚的本地廣告業(yè)務(wù)，而且經(jīng)常擔(dān)任消費(fèi)者新聞與財(cái)經(jīng)電視頻道（CNBC）的嘉賓。

????斯坦伯格離職的時機(jī)并非巧合。他的四年行權(quán)等待期剛滿，而且BuzzFeed剛剛拒絕了迪士尼的收購要約。據(jù)知情人士透露，斯坦伯格一直贊成與迪士尼聯(lián)姻。斯坦伯格與佩雷蒂不同，后者因2010年美國在線（AOL）收購赫芬頓郵報(bào)（Huffington Post）時大賺了幾百萬美元，斯坦伯格可沒有過這樣的大筆進(jìn)賬。

????換句話說：斯坦伯格不愿再在BuzzFeed干上4年。佩雷蒂拒絕迪士尼收購要約之時，斯坦伯格就準(zhǔn)備閃人了。BuzzFeed關(guān)于斯坦伯格離職的備忘錄只說斯坦伯格“決定是時候繼續(xù)前進(jìn)”。 BuzzFeed董事長肯?萊勒稱，斯坦伯格離職與迪士尼收購BuzzFeed失敗沒有直接關(guān)系。萊勒說道，兩件事之間可能有些間接的關(guān)系，“喬納決定不出售BuzzFeed，引發(fā)了關(guān)于別的機(jī)會的討論，喬恩不愿意繼續(xù)在BuzzFeed干上4年、6年，或是10年?！?/p>

????據(jù)知情人士透露，在拒絕迪斯尼的收購要約后，BuzzFeed一直在默默籌劃上市。BuzzFeed不會正式排除其他可能，比如購買次級股票以買斷早期投資者，比如正日益增加對科技新創(chuàng)企業(yè)投資的私募股權(quán)公司和對沖基金。萊勒向《財(cái)富》記者表示，BuzzFeed董事會討論了上市問題，但還沒有做出任何決定。不過，BuzzFeed已經(jīng)排除了被其他公司收購的可能性。

????最后一點(diǎn)可謂不言而喻：BuzzFeed的估值高達(dá)8億至10億美元，能出得起這種收購價(jià)的潛在媒體買家屈指可數(shù)。傳統(tǒng)的傳媒公司個個囊中羞澀，而且10億美元的估值是BuzzFeed的2014年預(yù)期收益——1.2億美元的6.25倍。（美國在線收購赫芬頓郵報(bào)的價(jià)格僅為后者當(dāng)年預(yù)期收益的5倍。）況且佩雷蒂堅(jiān)持要讓BuzzFeed保持獨(dú)立。

????首次公開募股恐怕至少要等到2015年，因?yàn)榇蟛糠窒Ｍ衲耆ナ械钠髽I(yè)已經(jīng)聘請了投行。即便那些據(jù)稱已秘密提交上市申請的企業(yè)，比如Box，也因?yàn)樽罱_市場波動較大而推遲了上市計(jì)劃。

????斯坦伯格沒有回應(yīng)《財(cái)富》記者的置評請求。（財(cái)富中文網(wǎng)）

????譯者：項(xiàng)航

????When Jonah Peretti walked away from a lucrative acquisition offer from Disney (DIS), it put the wheels in motion for BuzzFeed. This was not a young company turning down a paltry offer to cash out early. BuzzFeed is seven years old, with investors ($46.3 million worth) and employees (more than 500), all eager for a solid exit.

????Disney was offering that. As Fortune first reported, Disney and BuzzFeed had held serious deal discussions earlier this year. BuzzFeed walked away from Disney's acquisition offer because Jonah Peretti wanted to keep his viral content company independent.

????It was a bold move that has implications. For one, last week BuzzFeed's COO, Jon Steinberg, left the company with no successor in place. After working at BuzzFeed for four years, Steinberg exited his highly visible role, which included running the company's profitable native advertising business and speaking frequently on CNBC.

????The timing of Steinberg's exit – just after he met his four-year vesting period, and just after BuzzFeed turned down the Disney offer – was no coincidence. Steinberg had been in favor of the Disney deal, according to a person familiar with the situation. Unlike Peretti, who had made millions in the sale of Huffington Post to AOL in 2010, Steinberg did not have a big win under his belt.

????Put another way: Steinberg did not want to sign on for another four years of working at BuzzFeed. When Peretti turned down the sale to Disney, Steinberg was ready to leave. An exit memosimply said that Steinberg "has decided it's time to move on." BuzzFeed Chairman Ken Lerer said there was not a "straight line" between any potential Disney transaction and Steinberg's exit. "A squiggly line, maybe," he said. "When Jonah decided he didn't want to sell to anybody, obviously that started conversations about different opportunities and Jon wasn't willing to say, 'Okay guys, I'm in this for another four, or six, or ten years."

????As a result of turning down the Disney offer, BuzzFeed has been working behind the scenes on plans to go public, according to a person familiar with the situation. The company will not officially rule other options, such as taking on secondary equity to buy out early investors, potentially from the private equity firms and hedge funds that have been increasingly investing in tech startups. Lerer told Fortune that BuzzFeed has talked about going public at the board level, but has not made any decision yet. One thing the company has ruled out is selling to another company.

????That last part should be self-evident: The landscape of potential media buyers which could afford to acquire BuzzFeed at a valuation of $800 million to $1 billion is small. Traditional media players are cash-strapped themselves, and a $1 billion deal would value BuzzFeed at 6.25 times its expected revenue of $120 million for 2014. (For context, AOL paid 5 times the expected revenue for The Huffington Post.) Likewise, Peretti is steadfast in his desire to keep BuzzFeed independent.

????An IPO would likely not happen until 2015, as most companies that want to go public this year have already hired bankers. Even those who have reportedly filed a "secret filing," like Box, have delayed the listing due to recent public market volatility.

????Steinberg did not respond to a request for comment.