Buzzfeed sells Complex for $108M, cuts 16% of staff…after buying Complex for $300M in 2021

[Rev]

BuzzFeed has sold Complex, the entertainment media brand it acquired for $300 million in 2021, to livestream shopping platform NTWRKfor $108.6 million, the companies announced Wednesday. BuzzFeed also announced a plan to cut expenses, which includes 16% layoffs.

Why it matters: The deal represents an enormous strategy shift for BuzzFeed, which went public two years ago in order to raise money to acquire companies and scale its offerings. Now, it's forced to offload some of its most lucrative franchises as it struggles to survive on the public market.

• The Wall Street Journal reported that BuzzFeed is also looking to possibly sell its social media food brand Tasty.

Details: As part of the all-cash deal, BuzzFeed will retain ownership of some of Complex's popular franchises, including First We Feast, which produces Complex's popular YouTube program "Hot Ones."

• Both of those franchises were part of Complex's portfolio when BuzzFeed acquired the publisher in 2021.
• Universal Music Group, as well as some of NTWRK's current investors, are helping NTWRK finance the deal.

 

[Noriega]

Stretched the game out, etched ya name out

 

[TELL ME YA CHEESIN FAM?]

Took an L

 

[☑︎#VoteDemocrat]

 

[RennisDeynolds]

Complex is dead in 2024. Who the fukk is checking that site?

 

[Neo TheInsurrectionistONE]

**gif of Floyd Mayweather handing out L's**

 

[Artificial Intelligence]

they kept hot ones

 

[duckbutta]

And the person who did that deal and lost all that money made millions more when they got fired for losing almos 200 million dollars

 

[Windows 91]

Didn't even know Buzzfeed had bread like that.

 

[froggle]

Culture vulture Marc ecko is the winner in all of this.

 

[RamsayBolton]

Big companies buying everyone

everyone else selling or closing

the fukk happening to the internet?

 

[Brehcepticon]

 

[Morethan1]

Aaron Levant

Jamie Iovine

Gaston Dominguez-Letelier

This is the culture

 

[zayk35]

It's a shame Vibe ,the Source, and XXL couldn't maintain their relevance. Especially the Source Magazine which was regarded as the hip hop Bible. It was supposed to still be a force today. But they didnt take the internet seriously enough to build up a strong presence in the 2000s and 2010s. Which is why Complex took over the lane they could've rode even to today. Or even get bought for 300Ms

 

[Amestafuu (Emeritus)]

Culture vulture Marc ecko is the winner in all of this.

he was a graff artist and he sold the company long ago.