Complex has a new parent company. NTWRK has acquired the pop culture publication in a $108.6 million deal with Complex’s previous owner BuzzFeed.
The acquisition is described as an all-cash deal, according to Variety. BuzzFeed had previously gained control of Complex Networks in a 2021 deal that covered multiple verticals. Though NTWRK is acquiring the rights to the flagship Complex brand (which published its final print issue in 2016), BuzzFeed is hanging onto some of the brands in the Complex Networks portfolio, including Hot Ones home First We Feast.
NTWRK, like Complex, has made a name for itself by partnering with celebrities — especially musicians. Two years after raising a $50 million funding round, NTWRK has harnessed the power of “drop culture” to sell exclusive items alongside big-name partners like T-Pain and Blackpink.
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Through its acquisition of Complex, NTWRK plans to establish a digital hub that will focus on some of its key themes, including art and streetwear. NTWRK Co-Founder Aaron Levant, who will serve as the CEO of the newly-reformed Complex brand, refers to the intersection of those topics as “convergence culture.”
“Complex has been a beacon of culture and innovation for over two decades,” Levant said in a statement. “My journey with Complex began as an admirer of their original magazine in 2002 and it has now come full circle as I step into the leadership role. Alongside this impressive team, we will create the definitive global content, commerce, and experiential platform of convergence culture.”
NTWRK will leverage Complex’s recording industry connections to bring added heft to its upcoming ventures. As Universal Music Group spars with TikTok over the terms of its licensing contract, NTWRK is announcing a partnership with UMG labels Interscope Geffen A&M and Capitol Music Group. Those two units will join with NTWRK to develop experiences that will target music fans. A press release from NTWRK notes that independent artists will also have access to the upcoming platform.
BuzzFeed will earn a nine-digit payday while hanging onto key brands like First We Feast, but the Complex deal comes with some significant ramifications for the company founded (and still led) by Jonah Peretti. In an announcement confirming the sale, BuzzFeed indicated that it will lay off 16% of its remaining staffers as part of a restructuring plan.
“The sale of Complex represents an important strategic step for BuzzFeed Inc. as we adapt our business to be more profitable, more nimble and more innovative,” Peretti said in a statement. “This is also an opportunity to unlock greater value for the Complex brand by combining it with Ntwrk’s expansive, commerce-driven business.”
Post-layoffs, BuzzFeed will employ fewer than 1,000 staffers, according to Variety. The media company will reveal more details about its restructuring plan on February 28.
