BuzzFeed announced Wednesday that it closed the sale of Complex to ecommerce platform Ntwrk in a $108.6 million all-cash deal. 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.

Along with the Complex sale, BuzzFeed announced a new round of layoffs to cut expenses, implementing a 16% reduction in its remaining workforce of a bit under 1,000 across the company (excluding Complex employees who are joining Ntwrk). The BuzzFeed job cuts are expected to yield approximately $23 million in annualized compensation cost savings, the company said.

Ntwrk says it runs a “livestream shopping marketplace that brings together the world’s most influential artists, brands, and personalities to celebrate culture.”

The newly merged Ntwrk-Complex company — which has yet to announce an official name — will be led by Aaron Levant, who co-founded Ntwrk with Jamie Iovine and Gaston Dominguez-Letelier in 2018 and has served as CEO since its inception. Levant has a history with Complex: He co-created ComplexCon alongside Marc Ecko, Complex’s founder, in 2016.
variety.com/2024/digital/news/buzzfeed-sells-complex-ntwrk-layoffs-1235918498

RIP Complex

Good riddance

Buzzfeed owned Complex???

108 million is nuts lol

yikes lmao

turned complexcon into neocon

complex ain’t worth s***

Rudy Gobert could’ve bought that

Ntwrk had bread like that? I know their basically a shopping service but that's crazy. UMG probably gonna use this merger to create a superfan app like the k pop companies have

Was trying to figure out how they came up with that much money… UMG funded it.

This could be good for complex actually, and umg came up cuz they could easily make em worth half a billi in 5 years with some work.

Yea it looks like that's their goal.

According to Ntwrk, the new company will combine “an e-commerce platform anchored in sneakers, streetwear and collectibles with content and music.”

UMG’s Interscope Geffen A&M and Capitol Music Group will be the music company’s first labels to collaborate with the new Ntwrk-Complex company to “deliver industry-leading and culture-moving experiences and exclusive collaborations, direct to passionate music fans in groundbreaking and authentic ways.”

The new platform will be accessible to artists from all major and independent labels as well, Ntwrk said.

“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. “We share a collective vision on how D2C, experiential, brand partnerships and content are mutually reinforcing cornerstones of the fan experience.”

L

Used to be the go to site, they got drowned out by turning lame during the uprising of pop culture twitter pages;

they stopped breaking news and just reported on popular s*** that happened days ago, smh

basically becoming dependent on ppl that jus wanna READ.

its over

rudy gobert is one of the top paid players in the nba lol

i dont get what this post is trying to do

It looks like Jimmy Iovine was the main guy who made this deal happen.

Jamie Iovine, one of the co founders of Ntwrk, is his son.

Jimmy Iovine probably used his connections at UMG to get them to buy in. He also got Goldman Sachs to invest.

It shouldn't be too hard to get other mainstream labels to participate since he's Jimmy Iovine.

So yea this venture could easily be worth 500 million in a few years.

This is a classic example of the power of networking, seizing opportunity, buying low and selling high.

only 13th

he should not be able to afford complex

We need a youtube documentary on the Complex fall from grace

Twitter did that to everyone tho. Why read anyone else when the breaking news is on Twitter and there's less annoying ads

Damn

based off what metric?? btw thats still a top paid nba player

the way you used his name was like he was a low tier new player

I thought Complex was owned by Verizon

F*** em

Yesterday news broke that Jimmy’s accuser dropped the lawsuit, now this?

Susssssssssss