BuzzFeed sells Complex to NTWRK for $108.6M in cash

BuzzFeed announced the closing of its sale of Complex to NTWRK to form “a new and wide-ranging destination for the future of commerce and media,” in an $108.6M all cash deal. In addition to the $108.6M purchase price, the company received approximately $5.7M related to the use of the company’s New York offices and severance- and other employment-related costs. The divestiture of Complex “is expected to enhance the company’s profitability and allow for greater focus on BuzzFeed, HuffPost, First We Feast (including Hot Ones) and Tasty.” BuzzFeed said cash proceeds from the sale of Complex will enable it “to take meaningful steps toward strengthening its balance sheet and improving liquidity.” The proceeds will be used to: Redeem a portion of the company’s convertible notes due 2026; Eliminate the company’s revolving credit facility by repaying it in full; Finance the strategic restructuring to occur on February 28.