<p>BuzzFeed said on Wednesday it has sold publisher Complex to live-video shopping app NTWRK in a $108.6 million all-cash deal, as the digital media outlet looks to enhance its profitability.</p><p>The digital media company also said it would reduce expenses by implementing a 16 per cent reduction in the remaining workforce.</p><p>Last week, <em>Reuters</em> reported that the British media group Independent is in talks to take control of BuzzFeed and Huffington Post's operations in the UK and Ireland in a multi-year deal.</p><p>NTWRK said the new venture will be led by Aaron Levant, who co-founded the live-video shopping app in 2018 and has served as its CEO since its inception.</p><p>"We will create the definitive global content, commerce, and experiential platform of convergence culture," Levant said in a statement.</p><p>Investors of the new venture include Main Street Advisors, music industry veteran Jimmy Iovine, music label Universal Music Group, and Goldman Sachs, NTWRK added.</p><p>NTWRK said Interscope Geffen A&M (IGA) and Capitol Music Group will be the first Universal Music Group labels to collaborate with the new company to deliver exclusive collaborations.</p><p>The new venture would continue to serve all major and independent artists and labels, NTWRK said.</p>
<p>BuzzFeed said on Wednesday it has sold publisher Complex to live-video shopping app NTWRK in a $108.6 million all-cash deal, as the digital media outlet looks to enhance its profitability.</p><p>The digital media company also said it would reduce expenses by implementing a 16 per cent reduction in the remaining workforce.</p><p>Last week, <em>Reuters</em> reported that the British media group Independent is in talks to take control of BuzzFeed and Huffington Post's operations in the UK and Ireland in a multi-year deal.</p><p>NTWRK said the new venture will be led by Aaron Levant, who co-founded the live-video shopping app in 2018 and has served as its CEO since its inception.</p><p>"We will create the definitive global content, commerce, and experiential platform of convergence culture," Levant said in a statement.</p><p>Investors of the new venture include Main Street Advisors, music industry veteran Jimmy Iovine, music label Universal Music Group, and Goldman Sachs, NTWRK added.</p><p>NTWRK said Interscope Geffen A&M (IGA) and Capitol Music Group will be the first Universal Music Group labels to collaborate with the new company to deliver exclusive collaborations.</p><p>The new venture would continue to serve all major and independent artists and labels, NTWRK said.</p>