Jona Pereti (left) said that complex sales would allow the buzzing to focus on other attempts like AI Craig Barit/Getty Image for Buzzfeed
Buzzfeed (BZFD) yesterday (February 21) said it had finalized the sale of its pop culture media brand complex network, which was a livestream shopping platform NTWRK. The all-cash deal worth about $ 109 million is a fraction of the $ 300 million buzzing acquired complex in 2021. On the same day, Buzzfeed announced a plan to shut down 16 percent of his employees. Founder and CEO Jalnah Pereti said that these steps will help the struggling media company become more “profitable, agile and innovative”. Buzzfeed stock increased by more than 60 percent on the news today.
Pareti said in a statement yesterday, “This is the opportunity to unlock the greater value for the complex brand by combining the expansion of NTWRK, combining with commerce-driven business.”
A complex sales were when “when” was a matter of “when”. Buzzfeed was allegedly looking at the brand in summer of 2023. In the last October, Buzzfeed was negotiating with NTWRK to sell the complex for $ 140 million, but eventually settled for very low. After sales, the new CEO of the complex, a cofounder of NTWRK and Aaron Levant, a cofounder of event complexcon, will be Aaron Levant.
Last April, Buzzfeed closed its news room, Buzzfeed News, and closed 180 employees. The same month, Pereti said that he would start outsourcing the contents of Buzzfeed more for the creators and Artificial Intelligence (AI).
Pereti stated that complex sales would not only assist the remaining brands of buzzfid, including Hafpost and delicious, but it would also allow the company to focus on new attempts such as “AI -run innovation” and “interactive material format”.
Buzzfeed is not allowing some popular qualities owned by the complex already. The deal will allow the buzzing to be kept first, we feast on the franchise that produces the popular show, which combines celebrity interviews with a hot wing tasting.
Complex hosts show the complex news and sneaker shopping. A merger with an e-commerce platform can help the media brand in its change in online shopping, hugging a trend social media platforms rapidly. NTWRK stated that the new company will “marry an e-commerce platform, collected with sneakers, streetwear and material and music.”
The Universal Music Group, which is one of the deal financers, said it would cooperate with the complex, which will begin with the InterSST GAFEN A&M and the Capital Music Group to create projects related to their labels.
