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BuzzFeed Sells Complex For $108 Million Cash Amid Restructuring, Layoffs
BuzzFeed is selling Complex to NTWRK for $108.6 million in cash with $5.7 million for use of NYC office space, severance and other employee costs.
“The sale of Complex represents an important strategic step for BuzzFeed Inc. as we adapt our business to be more profitable, more nimble, and more innovative.” said CEO Jonah Peretti. He said the “changes announced today will enable an exciting next stage for our company, with increased focus on our iconic brands…I look forward to sharing more in the coming months.” “During the fourth quarter our experiential business was impacted in the form of lower sponsorship revenues for the brand’s annual flagship event, ComplexCon, we believe as a result of the Complex asset being held for sale,” BuzzFeed CFO Matt Omer.
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