Growing commerce platform Ntwrk has acquired Complex from BuzzFeed for $108.6 million in an all-cash deal on Wednesday.
Growing commerce platform Ntwrk has acquired Complex from BuzzFeed for $108.6 million in a merger intended to “define the future of commerce, digital media and music.”
In addition to the all-cash purchase price, BuzzFeed received approximately $5.7 million related to the use of the company’s New York offices and severance, as well as other employment-related costs.
BuzzFeed also announced a workforce reduction of 16%, expected to save the company approximately $23 million in annualized compensation.
Ntwrk is a digital platform that includes live video shopping features and a curated marketplace for buyers and sellers alike. The acquisition will combine the e-commerce platform, which is centered around streetwear and music, with Complex, which has been developed as a hub of culture and content.
In October, The New York Times reported that BuzzFeed was engaged in advanced discussions to sell Complex. BuzzFeed initially acquired Complex just over two years ago for nearly $300 million.
When BuzzFeed went public, the focus of its pitch to investors included Complex Networks, which were consistently profitable.
