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BuzzFeed - 2 Jonah Peretti - 1 BuzzFeed’s - 1 Buzzfeed - 1
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LiveNation Entertainment - 2 Main Street Advisors - 2 Networks - 1

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☆ BuzzFeed Sells Complex, a Pop Culture Start-Up, for $108.6 Million
  + stars: | 2024-02-21 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com   time to read: +1 min
BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.
Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors
☆ BuzzFeed in Advanced Talks to Sell Complex, Backtracking on Digital Media Bet
  + stars: | 2023-10-27 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com   time to read: +1 min
BuzzFeed is in advanced talks to sell Complex Networks, the streetwise digital media company behind the popular ComplexCon cultural festival, at less than half the price it paid for the company two years ago, a sign of the industrywide troubles afflicting digital media. BuzzFeed paid about $300 million for Complex in 2021. Buzzfeed is planning to keep First We Feast, the division of Complex responsible for the popular “Hot Ones” interview franchise, after the transaction, one of the people said. When BuzzFeed went public two years ago, it made Complex a centerpiece of its pitch to investors. Complex was reliably profitable, a milestone that had eluded many in the digital media industry, and its portfolio of brands seemed a natural fit for BuzzFeed’s focus on young audiences.
Persons: BuzzFeed, Buzzfeed Organizations: Networks, LiveNation Entertainment, Main Street Advisors, YouTube
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