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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.
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. “This partnership will give our artists access to a dynamic network to deepen connections with superfans through unique collaborations and cultural moments,” IGA chairman and CEO John Janick, who will also serve on the board of the new combined company, said in a statement. During Q4, BuzzFeed’s experiential business generated lower sponsorship revenues for the annual ComplexCon event, which the company believes was a result of the pending deal to sell Complex to Ntwrk, according to CFO Matt Omer.
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