BZFD - BuzzFeed seeking $150M for Complex Networks - report

2023-07-05 16:37:50 ET

BuzzFeed ( NASDAQ: BZFD ) is trying to sell its Complex Networks group of websites for $150 million. BuzzFeed rose 1.4% in regular trading amid the report, though fell 5% in after hours.

BuzzFeed CEO Jonah Peretti is selling a group of Complex assets, including its annual ComplexCon festival, and would be able to pay down its debt load as it could face a deadline as early as December 2024 to repay the debt, according to a report in The Information , which cited people familiar with the matter.

The Complex assets have received interest from several potential buyers, including talent manager "Scotter" Braun, and a video-shopping startup backed by music veteran Jimmy Iovine, according to the report. Peretti wants to retain one of Complex's most valuable assets, its food site, First We Feast, known for the show "Hot Ones."

BuzzFeed agreed to purchase Complex Networks for $300 million in June 2021.

In April, BuzzFeed ( BZFD ) announced it was  shutting down its news operation as part of heavy layoffs across the company.

BuzzFeed ( BZFD ) is set to release Q2 results on Aug. 8.

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