BuzzFeed Sells Complex to NTWRK for $108.6 Million Amid Financial Restructuring
The sale, part of a strategic restructuring including workforce layoffs, aims to stabilize BuzzFeed's finances and avoid Nasdaq delisting.
- BuzzFeed sells Complex to NTWRK for $108.6 million, aiming to alleviate financial pressures and avoid bankruptcy.
- The sale is part of a broader strategic restructuring, including laying off 16% of BuzzFeed's workforce, expected to save $23 million annually.
- BuzzFeed retains ownership of some of Complex’s popular franchises, such as First We Feast and its YouTube program 'Hot Ones'.
- The company plans to use the proceeds from the sale to repay a portion of its convertible notes and other debts, enhancing its financial stability.
- BuzzFeed faces the challenge of boosting its share price above $1 before May 28 to avoid being delisted by Nasdaq.
Hypebeast 
A Media Operator 
Los Angeles Times 
New York Post 
The Guardian 
The Hill 
Deadline 
Adweek 
The Hollywood Reporter 
CNN 
The Information 
Billboard 
Variety 
TheWrap 
Semafor 