Media News: Hearst, Verizon Acquire Complex Media
Earlier today, it was reported that Hearst and Verizon have entered into a 50-50 venture to buy Complex Media, founded by Rutgers University drop out, Marc Ecko. Financial terms of the deals were not disclosed.
A spokesperson for Complex said Ecko would remain the company’s chief brand officer.
Hearst said it invested $21 million in Complex last September, to allow it to grow its core publishing business in the digital landscape.
Verizon invested in Vice last June and a $4.4 billion acquisition of AOL last May. The telecoms company also is said to be in the lead position to acquire Yahoo.
Complex will still be led by chief executive officer and cofounder Rich Antoniello.
Below is what WWD reports:
Complex has seen a profit since 2010, claimed Hearst, adding the company will “develop premium video content for distribution across Verizon digital platforms, including AOL.com and go90.” From October to March, Complex, which includes dozens of lifestyle and entertainment sites, logged an average of 51.2 million unique visitors, according to ComScore. For the same six-month period, Complex.com lured 18.2 million monthly uniques.
LionTree Advisors advised the Complex deal, which is expected to close within the next 60 days.
Photos Credit: Complex.com