Founded by Marc Echo, Complex launched its platform as a print magazine 14 years ago, and today it has been announced that the just released issue featuring Sofia Richie and Pusha T on the cover will be the company’s final print edition.
According to Billboard, “Unspecified number of employees were laid off as part of the announcement, with one source saying that most of the cuts would come in the marketing and sales divisions; in addition, the magazine’s art staff was let go, as well as several people in editorial, including staff writer Kristen Yoonsoo Kim and news editor Ian Servantes.”
Complex provided a statement to Billboard that read, “As Complex embarks on a rapid expansion of premium video creation across the company’s networks and with a growing list of distribution partners, the company is reallocating certain positions to address its content needs. We’re deeply committed to the ongoing evolution of our brand and our long-term plan to be a leader in digital video entertainment. While we’re reducing staff in some areas, we plan to increase to meet our needs in others.”
And indeed, Complex has become so much more than the print magazine it was founded on. In April of this year, Complex was acquired by Hearst and Verizon this April in a 50-50 ownership deal that valued the brand between $250-$300 million. Since then, the two companies have combined Complex with two other online video networks, which is said to draw 52 million unique visitors per month.
In November, it kicked off its first ComplexCon event, an open-to-the-public event that combined elements of trade shows and music festivals.