BuzzFeed Sells Complex, Announces Layoffs and Cost Cuts Amid Financial Struggles
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BuzzFeed selling Complex to NTWRK for $108.6M cash plus $5.7M for office space, severance, etc.
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BuzzFeed announcing strategic restructuring including laying off 16% of staff, expecting $23M in annual savings
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Sale of Complex expected to enhance BuzzFeed's profitability and allow greater focus on core brands
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Cash proceeds to be used to redeem convertible notes, repay credit facility, finance restructuring, optimize working capital
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BuzzFeed revising 4Q financial guidance lower amid sponsorship and advertising challenges, giving brands more autonomy