Published 02/22/2024 1:21:00 a.m.

BuzzFeed sells Complex for $108.6 million, will lay off some staff

BuzzFeed Inc. Sold off Complex to NTWRK, resulting in a significant stock increase.
The sale includes $108.6 million in cash and plans to lay off 16% of the workforce, saving $23 million annually.
CEO Jonah Peretti highlighted the sale as a strategic move to enhance profitability and innovation.

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CNN

BuzzFeed sells Complex as its digital empire shrinks and slashes 16% of staff

BuzzFeed on Wednesday sold Complex to NTWRK, an e-commerce company specializing in collectible items rooted in street culture, in a deal that further shrinks the struggling Jonah Peretti-led digital media empire that was once synonymous with virality and the social media age.

02/21/2024 9:06:23 p.m.·Atlanta, United States

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New York Post

Buzzfeed slashes 16% of its workforce, sells Complex

HuffPost parent company Buzzfeed said Wednesday that it is slashing 16% of its workforce — the latest in a wave of layoffs by financially-strapped media companies — and will sell music and culture-focused site Complex The digital media company — once an advertising revenue juggernaut — said the cuts are “designed to reduce centralized costs...

02/21/2024 11:02:36 p.m.·New York, United States

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The Hill

BuzzFeed sells Complex for $108.6 million, will lay off some staff

BuzzFeed has sold Complex Networks to NTWRK, a livestreaming video commerce platform, at a significantly discounted price tag, and it will cut another 16 percent of its remaining staff, the company announced Wednesday. The $108.6 million all-cash deal comes just more than two years since BuzzFeed acquired pop culture media startup Complex in December 2021…

02/21/2024 10:47:35 p.m.·Washington, United States

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Los Angeles Times

BuzzFeed to reduce staff by 16% in major cost-cutting move

BuzzFeed on Wednesday said it is selling youth network Complex for $108.6 million. Job losses come as media and entertainment industries are slashing costs.

02/21/2024 11:47:15 p.m.·Los Angeles, United States

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Variety

BuzzFeed Sells Complex to Ntwrk for $108.6 Million, Will Lay Off 16% of Remaining Workforce

BuzzFeed has sold Complex — the youth-culture media company it bought three years ago — and will pink-slip another 16% of BuzzFeed’s remaining staffers in a restructuring designed to get back on financial track. 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 […]

02/21/2024 9:05:00 p.m.·Los Angeles, United States

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Deadline

BuzzFeed Sells Complex For $108 Million Cash Amid Restructuring, Layoffs

BuzzFeed is selling Complex to NTWRK for $108.6 million in cash plus $5.7 million for use of NYC office space, severance and other employee costs. It also announced a strategic restructuring including laying off 16% of its workforce that it expects will save $23 million a year. The company will discuss details on Feb. 28 […]

02/21/2024 10:17:29 p.m.·Los Angeles, United States

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