BuzzFeed sells Complex to NTWRK for $108.6M as part of a cost-cutting restructuring.

BuzzFeed has sold Complex, a pop culture media brand, to e-commerce platform NTWRK for $108.6 million, as part of a strategic restructuring to cut costs and focus on its core brands. The sale follows BuzzFeed's decision to lay off 16% of its workforce, which is expected to save the company $23 million annually. BuzzFeed CEO Jonah Peretti stated that the sale of Complex will help the company become more profitable, nimble, and innovative, and will allow it to strengthen its balance sheet and improve liquidity.