BuzzFeed is preparing to go public next year, a source told CNBC on Wednesday.
The digital news and entertainment site currently has more than 18 offices and 1,300 employees globally.
BuzzFeed's initial public offering would follow the recent public debut of Snap, the parent company of Snapchat, another brand that is popular with the millennial and Gen Z set. While Snap went public with considerable Wall Street appetite, shares have struggled since then and remain below their first-day closing price.
In November, BuzzFeed and CNBC parent NBCUniversal disclosed that NBCUniversal had invested another $200 million in the company — which is known for its viral content — to fund BuzzFeed's growth and extend the advertising sales partnership between the two companies. NBCUniversal is also an investor in Snap.
News of the planned IPO was originally reported by Axios.
—CNBC's Leslie Picker contributed to this report.