BuzzFeed sells Complex to video shopping app NTWRK in $109 mln deal (updated)

BuzzFeed

21/02/2024 21:49

(Recasts paragraph 1 to include deal value and reason, adds
details in paragraph 2-3)
       Feb 21 (Reuters) - 
    BuzzFeed  BZFD.O  said on Wednesday it has sold publisher
Complex to live-video shopping app NTWRK in a $108.6 million
all-cash deal, as the digital media outlet looks to enhance its
profitability.
        The digital media company also said it would reduce
expenses by implementing a 16% reduction in the remaining
workforce.
  
        Last week, Reuters 
    reported
     that the British media group Independent is in talks to
take control of BuzzFeed and Huffington Post's operations in the
UK and Ireland in a multi-year deal.
  
        NTWRK said the new venture will be led by Aaron Levant,
who co-founded the live-video shopping app in 2018 and has
served as its CEO since its inception.
    "We will create the definitive global content, commerce, and
experiential platform of convergence culture," Levant said in a
statement.
    Investors of the new venture include Main Street Advisors,
music industry veteran Jimmy Iovine, music label Universal Music
Group  UMG.AS , and Goldman Sachs, NTWRK added.
    NTWRK said Interscope Geffen A&M (IGA) and Capitol Music
Group will be the first Universal Music Group labels to
collaborate with the new company to deliver exclusive
collaborations. 
    The new venture would continue to serve all major and
independent artists and labels, NTWRK said.    

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Maju
Samuel)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))