BuzzFeed has announced plans to lay off dozens of employees after selling Complex to live-video shopping platform NTWRK, a little more than two years after buying the business.
The sale will form a “new and wide-ranging destination for the future of commerce and media,” BuzzFeed said in a Feb. 21 press release announcing the $108.6 million all-cash deal.
Under the deal, an additional $5.7 million will be earmarked for use of the company’s New York offices, severance costs, and other employment-related costs.
The company said the sale of Complex is expected to enhance its profitability and allow for greater focus on BuzzFeed, HuffPost, First We Feast, and Tasty while also aiding BuzzFeed in taking “meaningful steps toward strengthening its balance sheet and improving liquidity,” according to […]
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