Buzzfeed to Sell Complex for $108.6m, Cut 16% of Workforce

(updates with job cuts, deal details, new guidance)

BuzzFeed said it will sell media company Complex to NTWRK for $108.6m in an all-cash deal and reduce its remaining workforce by 16%.

• Job cuts to yield about $23m in annualized savings
• BuzzFeed to receive about $5.7m related to office use and severance
• Restructuring to take place February 28
• Sale proceeds to support redeeming $30.9m of 2026 Notes, repaying credit line in full, restructuring, and optimizing working capital
• Will increase focus on brands BuzzFeed, Huffpost, First We Feast, Hot Ones, and Tasty
• UBS served as financial adviser

FOURTH QUARTER FORECAST

• Sees revenues ...