BuzzFeed has announced significant restructuring efforts, including the sale of its Complex Networks media unit to Commerce Media Holdings, which operates NTWRK, a live-stream online shopping platform, for approximately $108.6 million. This move comes as part of a broader strategic effort to reduce expenses and enhance profitability, highlighted by a 16% reduction in its workforce. The layoffs are expected to yield around $23 million in annualized compensation cost savings. Notably, BuzzFeed retains ownership of 'Hot Ones,' a popular show produced by Complex. This series of actions follows BuzzFeed's acquisition of Complex for $300 million in 2021, marking a significant loss on their investment. The restructuring and sale are aimed at getting BuzzFeed back on financial track amidst a challenging period for the company.
$BZFD for some reason I thought this company was dead BuzzFeed has sold its Complex subsidiary to NTWRK for $108.6M and is also planning a 6% staff reduction, aiming to enhance profitability and reduce costs https://t.co/8Hx2DRzbA6
Buzzfeed divested Complex Media for 1/3 of what it acquired for in 2021 Bought it for $300 million Divested it to NTWRK for $108.6M Buzzfeed itself may not survive It was once valued at $1.7B and is now worth $36 million (less than it was worth 11 years ago) Doesn't look like… https://t.co/umeLS5WGYr
$BZFD (+100.0% pre) BuzzFeed sells Complex for $108 million, announces job cuts - Axios https://t.co/BiWwaIadud
BuzzFeed plans to lay off 16% of employees after selling Complex https://t.co/Z98XYLWCA0
In June 2021 Buzzfeed $BZFD purchased Complex Networks for $300M Today it sold the the entertainment network for just $109M $BZFD is up 137% on the news https://t.co/hw0CxOhJln
BuzzFeed Shares Soar After Sale Of Complex https://t.co/DJ7i9HQDd6
BuzzFeed to reduce staff by 16% in major cost-cutting move https://t.co/OLap2S7pGl
BuzzFeed sells Complex Networks for $108.6 million and will cut another 16 percent of its remaining staff https://t.co/olNu8S5vt6 https://t.co/2itlKZrHXP
And the consolidation and subsequent “hits” just keep on comin’…BuzzFeed Sells Complex to Ntwrk for $108.6 Million, Will Lay Off 16% of Remaining Workforce https://t.co/4y8E1CX6tU via @variety
BuzzFeed sells Complex for $108 million, announces job cuts https://t.co/WznRWJQ2lT
BuzzFeed, $BZFD, has sold Complex, the entertainment media brand it acquired for $300 million in 2021, to livestream shopping platform NTWRK for $108.6 million. They also laid off 16% of employees, per Axios.
HuffPost parent Buzzfeed lays off 16% of its workforce, sells Complex https://t.co/mwW1AncLRY https://t.co/ZYyGuNTAGv
BuzzFeed has sold Complex, the entertainment media brand it acquired for $300 million in 2021, to livestream shopping platform NTWRK for $108.6 million. They also announced a plan to cut expenses, which includes 16% layoffs. https://t.co/luQFMZFPk0
BuzzFeed sold its Complex Networks media unit to Commerce Media Holdings, the operator of an online shopping service, for $108.6 million and announced plans for a 16% cut in its remaining workforce. https://t.co/TPSEyxOiI2
BuzzFeed Sells Complex For $108 Million Cash Amid Restructuring, Layoffs https://t.co/YTbjnIK4ar
Pretty notable that BuzzFeed is retaining Hot Ones as it sells off Complex https://t.co/nFB2acLelP
BuzzFeed shares rocket higher, after sale of Complex and plans to cut staff by 16% https://t.co/0K9oYQCnw3
Also, @BuzzFeed announced a plan to cut expenses with the news, which includes layoffs impacting 16% of staff https://t.co/5xFcEE1MWF
JUST IN - BuzzFeed has sold Complex — the youth-culture media company it bought three years ago — and will pink-slip another 16% of BuzzFeed’s remaining staffers in a restructuring designed to get back on financial track. - Variety
BuzzFeed has sold Complex to NTWRK, a "live-stream online shopping platform" backed by Universal Music Group and Beats co-founder Jimmy Iovine. Price tag: $108 million. https://t.co/pYbEZEpTmU
BuzzFeed sells Complex, which it acquired for $300M in 2021, to livestream shopping platform Ntwrk for $108.6M; BuzzFeed plans to lay off 16% of its workforce (@sarafischer / Axios) https://t.co/KmSIiXPyzC 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/GxUbpGTMq2
BuzzFeed has sold Complex for $108.6 million and will lay off 16% of its remaining staffers in a restructuring designed to get back on financial track. https://t.co/7drDaJebuQ
BuzzFeed "also announced a planned strategic restructuring intended to reduce expenses by implementing a 16% reduction in the remaining workforce, which is expected to yield approximately $23 million in annualized compensation cost savings." https://t.co/DUJ4r740oD
BuzzFeed Lays Off 16 Percent of Its Workforce In Major Cuts https://t.co/2qDA9DHAX3
The live-stream online shopping platform NTWRK is buying Complex from BuzzFeed for $108 million. https://t.co/iJNf5KZJaJ
#BREAKING: @BuzzFeed sells @Complex for $108M, announces 16% staff cuts —Deal doesn't include "First We Feast" which makes Complex's popular YouTube show "Hot Ones" —Reminder BuzzFeed bought Complex for $300M cash & stock in 2021 w those franchises @axios https://t.co/trOtTdFy1g
“BuzzFeed also said it would also lay off 16% of its remaining staff” https://t.co/fgx5aEp2FB
BuzzFeed Sells Complex to NTWRK in $109M Deal https://t.co/zEUq3ozObu
BuzzFeed sold Complex to NTWRK https://t.co/K2T4IyokLJ
BuzzFeed Sells Complex to Ntwrk for $108.6 Million, Will Lay Off 16% of Remaining Workforce https://t.co/7drDaJdDFi