New York-based media platform Buzzfeed has sold Complex to Ntwrk for $108.6 million. The Los Angeles-based Ntwrk, known as an online destination for limited edition goods, has stated that in partnership with Complex it plans to “build a “next-generation content and shopping experience,” described as a “new destination for ‘superfan’ culture that will define the future of commerce, digital media and music,” according to reporting by Variety.
In addition to the sale, Buzzfeed will layoff 16% of its remaining staff in an effort to get back on financial track.
The combined platforms of Ntwrk and Complex will be led by Aaron Levant, who co-founded Ntwrk with Jamie Iovine and Gaston Dominguez-Letelier. Levant has been the company’s CEO since it was founded in 2018 and has more than a passing familiarity with Complex as he co-created ComplexCon with Marc Ecko, Complex’s founder, in 2016.
Investors in the newly merged company include Universal Music Group, Jimmy Iovine, Main Street Advisors and Goldman Sachs. BuzzFeed acquired Complex in December 2021 for $294 million.
The purchase included Complex’s First We Feast platform including the “Hot Ones” series, which wasn’t sold to Ntwrk and remains with BuzzFeed.
