BuzzFeed Considers Sale of Complex Networks

BuzzFeed is exploring a potential sale of Complex Networks, a digital media firm it acquired when going public in late 2021 for nearly $300 million, according to people familiar with the matter. The move, which follows a decline in Complex’s revenues over the past couple of years, is a sign of the challenges facing BuzzFeed, once a high-flying star of the digital media sector that has struggled to grow in recent years.

In recent months, under mounting pressure from the anemic digital ad market and seeking to conserve cash, BuzzFeed had to lay off 15% of its workforce and close down BuzzFeed News. BuzzFeed stock, which has fallen more than 90% since its public debut, is now trading so low that it is at risk of a Nasdaq delisting, the company told investors last Friday.