Verizon and Hearst corp. recently pooled their pennies together to buy out Complex Media in a deal that the Wall Street Journal values at somewhere between $250 and $300 million – because what’s a vague few dozen million when you stack cash this high, eh?
The two aforementioned media conglomerates will each own a 50% stake in Complex, although it will operate independently and its CEO-cum-founder, Rich Antoniello, will remain in charge.
The purchase makes particular sense for Hearst, whose print publishing empire has been limping for years and has struggled to adapt to the shifting digital landscape. Say what you want about Complex’s approach, but it’s fluent in internet – something established publishers have yet to come to grips with.
Explore Hearst HQ alongside famed architect Norman Foster below.
- Source: TechCrunch