New Deal Alert! Telecommunications carrier, Verizon, and media giant, Hearst Corp., have partnered up to acquire Complex Media.
According to The Wall Street Journal, sources say the deal values Complex at $250 to $300 million. It was announced Monday that the two companies will split ownership equally, and Complex co-founder and CEO Rich Antoniello will continue to lead the company. The company was originally founded in 2002 by Marc Ecko.
Just last year, Hearst invested $21 million into the digital media company for an undisclosed minority stake in the company. This March, Hearst and Verizon joined forces to created Verizon Hearst Media Partners to develop programming for young adults via streaming services and other entertainment offerings. The current joint venture with Complex fits their mission as the company continues to lead as a major platform for news, sports, hip-hop culture, entertainment, and style.
Talk about making major moves!
