Buzzfeed sells Complex, cuts 16% of staff

[Jobhunter]

 

BuzzFeed has announced plans to lay off 16% of its remaining workforce. This strategic restructuring move comes in the wake of BuzzFeed’s decision to sell off Complex Networks at a significant discount.

 

The sale of Complex, a publisher focused on streetwear and pop culture, was made to Ntwrk, an e-commerce group, for a sum of $108.6 million. This transaction occurred just over two years after BuzzFeed acquired the business in a $294 million deal. Despite the sale, BuzzFeed will retain First We Feast, the maker of the popular video series Hot Ones.

 

The layoffs and sale are part of BuzzFeed’s strategy to become 'more profitable, more nimble, and more innovative’. 

 

BuzzFeed’s CEO, Jonah Peretti, stated that the sale of Complex represents an important strategic step for BuzzFeed as it adapts its business. He also mentioned that the changes will enable an exciting next stage for the company, focused on BuzzFeed’s remaining brands including HuffPost, Hot Ones, and Tasty.

 

This news follows less than a year after BuzzFeed shuttered its Pulitzer Prize-winning news operation, laying off dozens of employees. The digital media landscape is indeed facing multiple headwinds, and BuzzFeed’s recent moves reflect its efforts to navigate these challenges.

 

As we observe these developments, one can’t help but wonder: What does the future hold for digital media companies like BuzzFeed? How will these strategic changes impact the digital media landscape? We invite you to share your thoughts on this matter.

 

 

Read more:

• https://www.theguardian.com/media/2024/feb/21/buzzfeed-layoffs-complex-sale
• https://www.reuters.com/business/media-telecom/live-video-shopping-app-ntwrk-buy-publisher-complex-2024-02-21/
• https://www.bloomberg.com/news/articles/2024-02-21/buzzfeed-cuts-16-of-staff-sells-division-for-108-6-million

 

 

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