Last month, reports surfaced over BuzzFeed potentially having interest in purchasing Complex Networks.
Now that appears to be occurring as the media outlet raises about $200 million in convertible bonds. The Information reports that BuzzFeed is preparing to make an offer for the modern entertainment company.
According to the report, the financing helps BuzzFeed fund the acquisition of Complex Networks. Furthermore, negotiations between both parties occur at an equity value of around $300 million, meaning the company’s value hasn’t risen much.
BuzzFeed has held discussions with Complex, which Verizon and Hearst control, for the last few months. Should the deal be completed, the purchase would grow BuzzFeed’s revenue by about 30-percent in advertising and commerce-related marketing.
The Information adds that that the two sides are “getting close to a resolution.” An announcement from both media outlets is “possible in the next few weeks,
Complex Networks owns various sites, such as Complex, which emphasizes pop culture news and sports; Sole Collector, a website for hardcore sneaker collectors; and Pigeons & Planes, specializing in music news.
“We have no news to announce today and can’t confirm or comment on potential acquisitions or other plans,” a BuzzFeed spokesman said when requested for comment last month over the company’s interest in Complex Networks.
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
