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BuzzFeed announced Wednesday that it closed the sale of Complex to ecommerce platform Ntwrk in a $108.6 million all-cash deal. L.A.-based Ntwrk said that together with Complex, it will build a “next-generation content and shopping experience” that it described as a “new destination for ‘superfan’ culture that will define the future of commerce, digital media and music.”
**Investors in the newly merged company include Universal Music Group, Jimmy Iovine, Main Street Advisors and Goldman Sachs.**
Along with the Complex sale, BuzzFeed announced a new round of layoffs to cut expenses, implementing a 16% reduction in its remaining workforce of a bit under 1,000 across the company (excluding Complex employees who are joining Ntwrk). The BuzzFeed job cuts are expected to yield approximately $23 million in annualized compensation cost savings, the company said.
Ntwrk says it runs a “livestream shopping marketplace that brings together the world’s most influential artists, brands, and personalities to celebrate culture.”
The newly merged Ntwrk-Complex company — which has yet to announce an official name — will be led by Aaron Levant, who co-founded Ntwrk with Jamie Iovine and Gaston Dominguez-Letelier in 2018 and has served as CEO since its inception. Levant has a history with Complex: He co-created ComplexCon alongside Marc Ecko, Complex’s founder, in 2016.
variety.com
**Investors in the newly merged company include Universal Music Group, Jimmy Iovine, Main Street Advisors and Goldman Sachs.**
Along with the Complex sale, BuzzFeed announced a new round of layoffs to cut expenses, implementing a 16% reduction in its remaining workforce of a bit under 1,000 across the company (excluding Complex employees who are joining Ntwrk). The BuzzFeed job cuts are expected to yield approximately $23 million in annualized compensation cost savings, the company said.
Ntwrk says it runs a “livestream shopping marketplace that brings together the world’s most influential artists, brands, and personalities to celebrate culture.”
The newly merged Ntwrk-Complex company — which has yet to announce an official name — will be led by Aaron Levant, who co-founded Ntwrk with Jamie Iovine and Gaston Dominguez-Letelier in 2018 and has served as CEO since its inception. Levant has a history with Complex: He co-created ComplexCon alongside Marc Ecko, Complex’s founder, in 2016.
BuzzFeed Sells Complex to Ntwrk for $108.6 Million, Will Lay Off 16% of Remaining Workforce
BuzzFeed sold Complex to Ntwrk for $108.6 million and said it will lay off another 16% of BuzzFeed's remaining staffers.
variety.com
