BuzzFeed Sells Complex To NTWRK For $109 Million USD

BuzzFeed has recently announced the sale of Complex to NTWRK in an all-cash deal totaling $108.6 million USD. This development comes less than three years after BuzzFeed's initial purchase of Complex from Hearst and Verizon for nearly $300 million USD, split between $198 million USD in cash and $96 million USD in equity.

In addition to the $108.6 million USD in cash, BuzzFeed also received approximately $5.7 million USD for severance, use of office space, and other costs related to its employees. The proceeds from this sale are intended to be used towards debt management, optimizing working capital, and financing strategic restructuring. As part of the restructuring, 16% of BuzzFeed's remaining workforce is expected to be reduced, with more details set to be revealed on February 28. Notably, the First We Feast brand, including the popular series Hot Ones, was not included in the sale to NTWRK and remains part of BuzzFeed.

BuzzFeed CEO Jonah Peretti expressed optimism about the changes, stating that they will enable an exciting next stage for the company, with increased focus on their iconic brands, a more efficient cost structure and operational model, and the ability to accelerate innovation powered by AI and interactive content formats. He also mentioned that more details will be shared in the coming months.

Moving forward, BuzzFeed is scheduled to release its fourth quarter and full year financial results for 2023 on March 25.