Acquisition of Complex by NTWRK

SOURCE www.semafor.com
NTWRK, a live-stream online shopping platform, has acquired Complex, a digital media company focused on music, culture, and streetwear, from BuzzFeed for $108 million. The acquisition aims to leverage Complex's connection with hip-hop fans and sneakerheads to deepen relationships with high-profile musicians and artists, creating a new destination for 'superfan' culture.

Key Points

  • NTWRK acquires Complex from BuzzFeed for $108 million
  • Complex will help deepen NTWRK's relationships with musicians and artists
  • BuzzFeed acknowledges that ComplexCon did not bring in expected revenue
  • BuzzFeed to focus on BuzzFeed, HuffPost, Tasty, and First We Feast

Pros

  • NTWRK gains access to Complex's audience and cultural influence
  • Potential for synergies between ecommerce and digital media platforms

Cons

  • Defeat for BuzzFeed, which bought Complex for $300 million in 2021
  • BuzzFeed to lay off 16% of staff and focus on core businesses