BuzzFeed near Complex sale at price below expectations, Information says

BuzzFeed is close to an agreement to sell most of its Complex Networks business to Ntwrk, a live video shopping and e-commerce startup, for a little above $100M, which is significantly below what BuzzFeed CEO Jonah Peretti was originally seeking in a sale, Sahil Patel and Martin Peers of The Information report, citing people familiar with the matter. “As a result, the sale won’t solve BuzzFeed’s financial problems,” the journalists say. Peretti was hoping the Complex assets would fetch close to $150M, and BuzzFeed will need to raise another $100M to pay off its convertible notes and accrued interest, they add.