Verizon and Hearst are teaming up yet again. The two companies have entered into an agreement to buy Complex Media. The buyers will split Complex ownership 50/50. Complex CEO and co-founder Rich Antoniello is staying on with Complex.
Complex was co-founded in 2002 by Marc Ecko. It has been profitable since 2010.
“The decision to acquire Complex is certainly a continuation of our media strategy, which is focused on disruption that is occurring in digital media and content distribution, and involves building a portfolio of the emerging digital brands of the future for the millennial and Gen-Z audience,” said Brian Angiolet, Verizon’s senior vp of consumer product and marketing.
Neeraj Khemlani, co-president of Hearst entertainment and syndication, added that Complex “will turn up the volume on our growing portfolio with Verizon, complementing the audiences targeted with our other channel investments.”
This is just the latest Verizon and Hearst pairing. In March, Verizon and Hearst announced a joint video venture called Verizon Hearst Media Partners. The two companies also recently announced investments in AwesomenessTV.
The Verizon, Hearst purchase of Complex is expected to close sometime within the next two months.