Verizon-Hearst JV Buying Complex

Say deal will expand content portfolio targeting millennial audiences
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Just weeks after forming a digital video joint venture, Verizon and Hearst said they have inked a deal to acquire Complex, the company behind a network of sites focused on American pop culture and young men.

Verizon and Hearst are acquiring Complex under a 50/50 ownership structure, believing the deal will help them expand a digital content portfolio that targets millennial audiences. It also follows Verizon’s recent agreement to purchase a 24.5% interest in AwesomenessTV.

Founded in 2002, Complex’s sites cover areas spanning entertainment news, sneakers and hip hop music, to food, fashion, sports and technology. They said Complex, which is focused on the millennial male segment, has been profitable since 2010, and currently reaches more than 50 million unique monthly visitors. Complex also handles 300 million monthly views, up 415% from a year ago, they said.

Go to Multichannel.com for the full story.

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