BuzzFeed Sells Complex at Major Loss to Pay Down Debt and Restructure
• BuzzFeed is selling Complex, a pop culture media company it acquired in 2021, to Ntwrk for $108.6 million • This is a significant discount from the $294 million BuzzFeed originally paid for Complex just 3 years ago • The sale will allow BuzzFeed to pay off over $60 million in debt and save an estimated $23 million per year • BuzzFeed is laying off 16% of its remaining workforce as part of this restructuring • Complex generated over $55 million in revenue last year, more than BuzzFeed's current market capitalization of $31 million