BuzzFeed sells Complex, acquired for $300M in 2021, to livestream shopping platform Ntwrk for $108.6M; BuzzFeed plans to lay off 16% of its workforce
I read it and realized BuzzFeed is laying off 16% of its own staffers not Complex's Natalie Jarvey / @natjarv : Pretty notable that BuzzFeed is retaining Hot Ones as it sells off Complex https://www.hollywoodreporter.com/ ... Zito / @_zeets : The people in charge of Complex the last decade or so ran what was a great brand into the ground so spectacularly. It's really incredible how inept the people in charge tend to be, and how they escape any accountability and make tons of money while everyone else suffers. Ben Mullin / @benmullin : Complex is selling for three times the valuation of its parent company, BuzzFeed. I don't think I've ever covered a media deal like this before. https://www.nytimes.com/... Jacob Donnelly / @jaycodon : Investors seem happy that BuzzFeed got $108 million for Complex... despite paying $300 million a couple of years ago. Brutal business. [image] @milkman__dead : Buzzfeed, Vice, Complex, and Pitchfork, the “big winners” of the zero interest online journalism boom, all had huge audiences, did good journalism, excelled at video, launched franchises, had millions of social followers, and success in live activations. All on life support now. Dan Runcie / @runciedan : BuzzFeed selling Complex has a bunch of angles: • $109M sale price. A fraction of its $294M sale in 2021 • BuzzFeed will still keep Hot Ones • UMG now has a stake in Complex via NTWRK Each of those bullets is its own story. @almighty_red : three years ago buzzfeed purchased complex for $300 million. to sell it for $108.6 million in 3 years means their purchased depreciated by 64.33%. that is not a normal depreciation rate in 3 years. buzzfeed got finessed in 2021 and complex was overvalued ... Sara Fischer / @sarafischer : #BREAKING: @BuzzFeed sells @Complex for $108M, announces 16% staff cuts —Deal doesn't include “First We Feast” which makes Complex's popular YouTube show “Hot Ones” —Reminder BuzzFeed bought Complex for $300M cash & stock in 2021 w those franchises @axios https://www.axios.com/... See also Mediagazer