BuzzFeed announced it sold Complex, a media startup that focuses on streetwear and pop culture, to the live-stream video shopping network NTWRK.
According to BuzzFeed, it sold Complex in a $108.6 million all-cash deal, with an additional $5.7 million to cover severance and other expenses for laid-off Complex employees.
BuzzFeed also announced it will be laying off 16% of its own workforce due to company restructuring, which is expected to save the company $23 million annually.
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 BuzzFeed’s co-founder and CEO, Jonah Peretti. This is also an opportunity to unlock greater value f…
Read the full article at: https://scrippsnews.com/stories/buzzfeed-sells-complex-for-108-6m-will-lay-off-16-of-its-workforce/