BuzzFeed’s Complex Sale Price Is Likely to Fall Short

After months of discussions, BuzzFeed is close to an agreement to sell most of its Complex Networks business to Ntwrk, a live video shopping and e-commerce startup, but at a price that will be a little above $100 million—significantly below what BuzzFeed CEO Jonah Peretti was originally seeking in a sale, said people familiar with the matter.

As a result, the sale won't solve BuzzFeed's financial problems. Peretti was hoping the Complex assets would fetch close to $150 million, as The Information previously reported, which would have allowed the company to pay off most of what it owes on convertible notes that come due for repayment in December of 2024. If BuzzFeed sells the business for a little more than $100 million, it will need to raise another $100 million to pay off the notes and accrued interest by next December, when noteholders can demand repayment.