BuzzFeed Sells Complex For $108 Million Cash Amid Restructuring, Layoffs

BuzzFeed is selling Complex to NTWRK for $108.6 million in cash plus $5.7 million for use of NYC office space, severance and other employee costs. It also announced a strategic restructuring including laying off 16% of its workforce that it expects will save $23 million a year. It will discuss details on Feb. 28 The company sold itself in a SPAC deal in 2021 and went public. It shut its news division last year amid challenging economics. The company said the sale of Complex is expected to enhance its prof ...