Verizon and Hearst entered into an agreement to jointly acquire Complex Media, aka Complex.com and other websites under its umbrella.
While terms of the deal were not disclosed, the Wall Street Journal reports that the deal values Complex at between $250 million and $300 million.
Hearst invested $21 million into Complex last fall New York-based Complex. According to CrunchBase, the company has raised over $60.5 million in four rounds of funding, from investors like Iconix Brand Group, S3 Ventures, Austin Ventures and Accel Partners.
In March, Hearst and Verizon formed Verizon Hearst Media Partners and invested in AwesomenessTV, with each company getting a 24.5% stake, and DreamWorks Animation owning the rest. They planned to new multiplatform digital video channels targeting the mobile millennial audience.
Complex coverages a wide range of topics, from pop culture to entertainment to sports. They reach more than 50 million unique monthly visitors and delivers 300 million monthly video views, representing 415% year-over-year growth. “Since honing in on video, we’ve proven our ability to create culturally relevant, premium video content at scale in a very short amount of time,” Complex CEO/co-founder Rich Antoniello said in a statement.
With the acquisition by Verizon and Hearst, Complex will develop premium video content for distribution across Verizon digital platforms, including the free, ad-supported Go90 service and AOL.com.