BuzzFeed Sells Media Startup Complex for $108.6 Million, Will Lay Off 16% of Its Workforce

BuzzFeed announced it sold Complex, a media startup that focuses on streetwear and pop culture, to the live-stream video shopping network NTWRK.

According to BuzzFeed, it sold Complex in a $108.6 million all-cash deal, with an additional $5.7 million to cover severance and other expenses for laid-off Complex employees.

BuzzFeed also announced it will be laying off 16% of its own workforce due to company restructuring, which is expected to save the company $23 million annually.

Read the source article at 23ABC