BuzzFeed announces sale of Complex to NTWRK

BuzzFeed has announced that it has completed the sale of Complex to NTWRK to create a new and comprehensive destination for the future of commerce and media. The purchase price is $108.6 million in cash. In addition to the $108.6 million purchase price, the Company received approximately $5.7 million for the use of the Company's New York offices, severance and other labor-related costs.

Increasing company's profitability

The divestiture of Complex is expected to increase the company's profitability and allow for greater focus on BuzzFeed, HuffPost, First We Feast (including Hot Ones) and Tasty.

Strategic restructuring

The company also announced a planned strategic restructuring aimed at lowering costs by reducing its remaining workforce by 16%, which is expected to result in approximately $23 million in annualized payroll savings.

The company's restructuring, details of which will be announced on Wednesday, February 28, 2024, aims to reduce central costs and make the company more agile, sustainable and profitable.

Source: www.buzzfeed.com