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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 classics
Complex 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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