The digital media landscape is shifting further, with BuzzFeed selling its Complex division to the livestream shopping platform Ntwrk in a $108.6 million all-cash deal (plus an additional $5.7 million tied to office space and severance costs).
The deal marks a retreat for BuzzFeed, which acquired Complex Networks in 2021 for just under $300 million, including $198 million in cash and $96 million in stock. BuzzFeed will retain First We Feast, the Complex food content brand that produces the hit YouTube series Hot Ones, and it says that BuzzFeed, First We Feast, HuffPost and Tasty will operate independently of each other, with their own strategies and revenue lines.
The sale will bring Ntwrk and Complex together in a new company, with Main Street Advisors, Jimmy Iovine, Universal Music Group, and Goldman Sachs among its investors. The company also inked a strategic partnership with Umg, which will “collaborate with the new company to deliver industry-leading and culture-moving experiences and exclusive collaborations,...
The deal marks a retreat for BuzzFeed, which acquired Complex Networks in 2021 for just under $300 million, including $198 million in cash and $96 million in stock. BuzzFeed will retain First We Feast, the Complex food content brand that produces the hit YouTube series Hot Ones, and it says that BuzzFeed, First We Feast, HuffPost and Tasty will operate independently of each other, with their own strategies and revenue lines.
The sale will bring Ntwrk and Complex together in a new company, with Main Street Advisors, Jimmy Iovine, Universal Music Group, and Goldman Sachs among its investors. The company also inked a strategic partnership with Umg, which will “collaborate with the new company to deliver industry-leading and culture-moving experiences and exclusive collaborations,...
- 2/21/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Ntwrk, a startup combining livestreaming and ecommerce, has raised a $50 million in a fresh funding round led by Goldman Sachs and Kering -- the French luxury conglomerate that owns Gucci and Yves Saint Laurent.
The round also featured participation from LionTree Partners and Tenere Capital. They join existing investors Main Street Advisors, Live Nation, and Foot Locker. Ntwrk, which says it blends the hype factor of 'drop' culture with entertaining content and live events, said the investment will be harnessed to expand its market share and global footprint.
Ntwrk was co-founded by Jaime Iovine, the son of storied music industry executive Jimmy Iovine, as well as the entrepreneurs Aaron Levant and Gaston Dominguez-Letelier.
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The round also featured participation from LionTree Partners and Tenere Capital. They join existing investors Main Street Advisors, Live Nation, and Foot Locker. Ntwrk, which says it blends the hype factor of 'drop' culture with entertaining content and live events, said the investment will be harnessed to expand its market share and global footprint.
Ntwrk was co-founded by Jaime Iovine, the son of storied music industry executive Jimmy Iovine, as well as the entrepreneurs Aaron Levant and Gaston Dominguez-Letelier.
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- 9/23/2021
- by Geoff Weiss
- Tubefilter.com
FaZe Clan, the leading esports organization and content network, has raised new funding and inked an ecommerce partnership with the upstart that has led the latest round, Ntwrk. Ntwrk, co-founded by music industry vet Jimmy Iovine, produces limited-edition product drops alongside LeBron James and Billie Eilish.
Reps for FaZe Clan did not immediately respond to request for comment about the size of the round or whether it included any other participants. Per Crunchbase, Faze Clan previously raised an undisclosed seed round in 2018 from Muse Capital.
In tandem with the investment, Ntwrk will obtain the exclusive global direct-to-consumer product rights for all future FaZe Clan product launches. Furthermore, FaZe Clan’s existing apparel and merch products are being integrated into the Ntwrk platform. In addition to vending product drops targeting Gen Z and millennials, Ntwrk also comprises a live video component to build hype around each release. The upstart was founded...
Reps for FaZe Clan did not immediately respond to request for comment about the size of the round or whether it included any other participants. Per Crunchbase, Faze Clan previously raised an undisclosed seed round in 2018 from Muse Capital.
In tandem with the investment, Ntwrk will obtain the exclusive global direct-to-consumer product rights for all future FaZe Clan product launches. Furthermore, FaZe Clan’s existing apparel and merch products are being integrated into the Ntwrk platform. In addition to vending product drops targeting Gen Z and millennials, Ntwrk also comprises a live video component to build hype around each release. The upstart was founded...
- 4/9/2020
- by Geoff Weiss
- Tubefilter.com
Meltown Comics, an institution of Los Angeles geekdom and the home of Comedy Central’s “The Meltdown With Jonah and Kumail,” is closing its doors next month. The shop, whose iconic alien mascot “Mel” graced Sunset Boulevard for more than two decades, is closing its doors forever on April 1. Meltdown Comics founder Gaston Dominguez-Letelier made the announcement Wednesday in a post to the shop’s official blog. “As is the case with all good things, at some point they must come to an end,” Dominguez-Letelier wrote. “Meltdown Comics is no exception to this rule and so, after 25 years coveting every comic...
- 3/22/2018
- by Ross A. Lincoln
- The Wrap
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