Less than two years after BuzzFeed acquired Complex, the streetwear-focussed media and events company, itâs being sold again. This time, itâs to Ntwrk, a company that offers livestream shopping capabilities and runs a marketplace for sneakers, streetwear and other goods. Ntwrk is paying $108.6 million in cash for Complex, less than half of the $300 million BuzzFeed paid for it in 2021.
The new company will be led by Aaron Levant, the co-founder of Ntwrk who also has a long history with Complex, having co-created ComplexCon, the brandâs flagship event, with Complex co-founder Marc EckÅ in 2016. The thought is that with the two focussing in the same realm â sneakers, streetwear and culture â they will be able to integrate Ntwrkâs commerce capabilities into Complexâs content. How that will exactly take shape will be determined as the two companies come together, but Levant suggested consumers will be able to buy products featured in a video after watching it. (Complex, however, will retain its editorial independence and Levant said that this integration doesnât mean the website will be âshilling stuff all the time.â)
âBoth speak to the same consumer,â said Levant. âOver the years, Iâve seen attempts from media companies try to delve into commerce, or commerce companies try to delve in media, but it wasnât really their core competency. Here, youâve got two companies that are really great at what they do at scale, [weâre] bringing them together into one holistic package.â
Investors in the deal include investment firm Main Street Advisors, Interscope Records co-founder Jimmy Iovine, financial giant Goldman Sachs and Universal Music Group, which will forge a partnership with the new company to create experiences and product collaborations with artists.
In announcing the news, onetime digital media darling BuzzFeed, whose share price has fallen by over 90 percent since its March 2021 initial public offering, also shared that the company would be implementing a restructuring that would see it lay off 16 percent of staff to save $23 million this year.
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