Verizon (NYSE, Nasdaq: VZ) and Hearst have entered into an agreement to jointly acquire Complex in a 50/50 ownership structure, the companies said.
Rich Antoniello, Complex CEO and Co-Founder, will continue to lead the Company.
Founded by entrepreneur and Chief Brand Officer Marc Ecko in 2002, Complex focuses on American popular culture–from entertainment news, sneakers and hip hop music to food, fashion, sports and technology—-geared at the millennial male.
The company has seen a profit since 2010, excelling at providing advertisers with this targeted and attractive demographic. In addition to the joint acquisition, Complex will develop premium video content for distribution across Verizon digital platforms, including go90, AOL.com and more.
LionTree Advisors acted as advisor to Complex on this transaction. The transaction is subject to customary closing conditions. The parties currently expect that the transaction will be completed within the next 60 days.
Verizon Communications Inc. employs a diverse workforce of 177,700 and generated nearly USD132 billion in 2015 revenues. Verizon operates America´s most reliable wireless network, with more than 112 million retail connections nationwide. Headquartered in New York, the company also provides communications and entertainment services over America´s most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.
Hearst is a diversified media, information and services companies with more than 360 businesses. Its major interests include ownership in cable television networks such as A&E, HISTORY, Lifetime and ESPN.
Complex is a media platform and an online community with over 57 million unique monthly visitors, 450 million monthly page views, and 300 million monthly video views.