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BuzzFeed sells Complex for $109 Million

BuzzFeed has completed the sale of its Complex division to NTWRK for $109 million, as part of its larger restructuring efforts involving a workforce reduction of 16 percent. This move contrasts with BuzzFeed's earlier acquisition of Complex Networks for nearly $300 million in 2021. Despite the sale, BuzzFeed will retain ownership of First We Feast.

CEO Jonah Peretti describes the sale as a vital step toward enhancing BuzzFeed's profitability and innovation. The deal allows both BuzzFeed and Complex to focus on their core areas: BuzzFeed on news, food, and pop culture, and Complex on fashion, sneakers, streetwear, and pop culture.

The sale also includes strategic partnerships, such as one with Universal Music Group, aimed at delivering unique experiences to music fans. Proceeds from the sale will address BuzzFeed's financial obligations, including redeeming convertible notes and paying off its revolving credit facility.

These moves come amidst challenges such as significant net losses and revenue declines, prompting BuzzFeed to prioritize cash generation and revenue growth from core assets.

This restructuring reflects BuzzFeed's response to the changing digital media landscape, where many companies are reassessing their business models and strategies due to financial pressures and market dynamics.

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