LeBron James’ SpringHill Company could be looking to purchase Complex Networks.
BuzzFeed acquired Complex in 2021 for $300 million, and it appears the umbrella is dropping assets.
As AfroTech previously reported, BuzzFeed CEO Jonah Peretti stated the company is shutting down its news division.
“While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” BuzzFeed CEO Jonah Peretti told staffers in a memo.
In an effort to reassure some staffers, Peretti said some will be able to find positions at HuffPost, which was acquired by the company in 2020.
“HuffPost and BuzzFeed Dot Com have signaled that they will open a number of select roles for members of BuzzFeed News,” Peretti told employees, according to CNN. “These roles will be aligned with those divisions’ business goals and match the skills and strengths of many of BuzzFeed News’s editors and reporters.”
Peretti added, “Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience.”
The news is in the midst of massive layoffs that will impact 15% of the workforce. Various other media companies including Vice Media, Clubhouse, and Paper Magazine, are dropping staff as well.
Users have suggested celebrities who have benefitted from media companies’ visibility should get involved to help.
This leaves room to question, the responsibility for saving media should fall to whom?
The answer isn’t cut and dry. However, James appears to have a solution that could save Complex Networks.
According to Business Insider, SpringHill Company reportedly has interest in Complex Networks and is willing to put down an offer of “around $100 million.”
One of the sources familiar with the SpringHill situation told the outlet, “There’s ongoing conversations [with Peretti and others]. But it has not progressed to a place where there’s a formal negotiation.”
The source reportedly insinuated Peretti is not sold on the idea. There’s also said to be other parties who expressed equal interest in purchasing BuzzFeed’s properties.
