Buzzfeed is coming up in the world. We mean, they were already up there but they’re about to grow something serious.
HypeBeast is reporting that the Internet media, news and entertainment company has just expanded their empire by purchasing Complex Networks for Bill Gates pocket change. According to the report, Buzzfeed will be taking home the media company for a cool $300 million with a down payment of $200 million in cash and $100 million of equity in Buzzfeed.
And to think that we were happy with those $1500 stimulus checks a few months back, right? Just a reminder that we got a ways to go, people.
“In a published memo to staff, BuzzFeed founder and CEO Jonah Peretti cited that the company is projecting half a billion USD in revenue this year, and through the acquisition has “the scale to influence how the larger media industry works and help shape a better model for the future.”
Over the past few years Complex has become one of the most popular digital media outlets with shows like Hot Ones, Sneaker Shopping With Complex, and Everyday Struggle. Looking to get in on the pop culture phenomenon that Complex has become, the merger was a no brainer for Buzzfeed and will only help them become a bigger brand going into the future.
The power moves comes on the heels of Buzzfeed also acquiring Huffington Post this past February which took many by surprise. We’re not sure what Buzzfeed is up to but if they keep doing this they’ll be the media overlords before it’s all said and done.
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