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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.



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District of Columbia

United States

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

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Warner Bros. Discovery

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

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...

New York Post

Murdoch family

New York

Buzzfeed slashes 16% of its workforce, sells Complex

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…

Nexstar Media Group

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.

Los Angeles Times

Patrick Soon-Shiong

Los Angeles

Los Angeles County

California

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

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 […]

Variety

Penske Media Corporation

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

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 […]

Deadline

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

The digital-media company also said it would lay off 16% of its remaining staff.

MarketWatch

BuzzFeed shares soar after it sells Complex — for less than what it paid in 2021

BuzzFeed layoffs: Digital media company cuts 16% of staff in new restructuring following sale of Complex to NTWRK.

The Hollywood Reporter

Eldridge Industries

BuzzFeed Lays Off 16 Percent of Its Workforce In Major Cuts

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Techmeme

BuzzFeed sells Complex, which it acquired for $300M in 2021, to livestream shopping platform Ntwrk for $108.6M; BuzzFeed plans to lay off 16% of its workforce

BuzzFeed Shares Soar After Sale Of Complex  Corporate media is on life support. Advertising revenues are sliding, mass layoffs are hitting woke publications, and 'restructurings' are happening all over. Last month, Authentic Brands Group sent rights holder Arena Group a letter terminating Sports Illustrated's license after failing to pay a $3.75 million quarterly payment at the end of 2023. In other words, the publisher likely wasn't bringing in…

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

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