The Future. NTWRK’s acquisition of Complex is meant to combine the ecommerce power of the former with the expert curation of the latter — a move that strengthens both companies by diversifying their lines of revenue. If successful, other digital publishers may look to find a commerce partner that helps them wean off their reliance on ads.
Back to classicsComplex is entering its new era of content and commerce.
NTWRK is acquiring the company from BuzzFeed for $108.6 million… but without the First We Feast brand (Hot Ones), which will operate independently under BuzzFeed.
NTWRK and Complex will combine to form a new company, which already has backing from Main Street Advisors, Jimmy Iovine, Goldman Sachs, and Universal Music Group.
Speaking of UMG, the new company has struck a “strategic partnership” with it on co-branded experiences and collaborations.
The new Complex will be a lot like the old Complex — a diversified focus on editorial, commerce, and live events, spearheaded by new CEO Aaron Levant (former NTWRK CEO).
For BuzzFeed, the short sale (it had bought Complex for $300 million in 2021) is meant to help keep the embattled company afloat, which is now worth only $30 million — a far cry from almost selling to Disney for $650 million a decade ago.
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