The news that BuzzFeed was shutting down sent shockwaves around the media industry last month. Love them or hate them, BuzzFeed was a media titan who had seemingly survived everything the world had thrown at it. However, the media outlet has been whittled down over the years. There have been numerous mass layoffs at the site prior to its shuttering.
However, CEO Jonah Peretti stated that the BuzzFeed brand was no longer profitable and so the outlet would be dissolved to funnel resources into more "profitable" areas of the media empire. This would include a larger focus on sites such as HuffPost as well as expanding the use of AI at the company's remaining assets. However, now there's a bidder for some of the BuzzFeed-owned properties. And it's not who you might expect.
LeBron Makes $100 Million Offer For Complex
The Complex Network was purchased by BuzzFeed for $300 million in late 2021. Prior to that, it had been owned by a joint venture between Hearst and Verizon. That ownership largely used Complex as a content production facility for AOL and go90. However, Complex largely returned to creating original content once acquired by BuzzFeed. It has become known for carving a niche for content in the hip hop genre. One especially known Complex feature is their ongoing GOAT series. Recent guests include Praise This co-stars Quavo and Chloe Bailey.
LeBron James, alongside Maverick Carter, founded the media company, The SpringHill Company in 2020. Since then, SpringHill has been behind several game shows, as well as films like Space Jam: A New Legacy and Hustle. But now it appears that they are moving towards media production. SpringHill has reportedly made a $100 million offer to purchase Complex Network from BuzzFeed. This would mean that BuzzFeed would make $200 million loss from their purchase of Complex less than two years ago. According to a source who spoke with Insider, Peretti is "not presently receptive to the idea". However, the news that LeBron is targeting Complex speaks to his and his partners at SpringHill's aims for the company. Any further updates on the potential sale will be covered here at HotNewHipHop.
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