Shares of BuzzFeed Inc.
BZFD,
were up more than 90% after hours on Wednesday after the media company said it had sold off the pop-culture site Complex and would lay off 16% of its remaining staff, marking the latest cutbacks in the digital-media industry. BuzzFeed — which owns its namesake outlet, HuffPost and First We Feast — said it had sold Complex to NTWRK, an online shopping platform, for $108.6 million in cash. BuzzFeed, which shut down its news division last year, said the layoffs and the sale of Complex would help cut costs and boost margins. “The sale of Complex represents an important strategic step for BuzzFeed, Inc. as we adapt our business to be more profitable, more nimble, and more innovative,” BuzzFeed Chief Executive Jonah Peretti said in a statement. “This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK’s expansive, commerce-driven business.”
