Verizon and Hearst have joined forces to acquire Complex Media, a publisher known for pushing out content catered to the young male audience.
The two companies announced the deal on April 18.
Citing people familiar with the acquisition, the Wall Street Journal reports that Complex Media is valued at around $250 to $300 million. Under the said deal, the two companies will own Complex Media in a 50-50 joint venture, which "just makes sense," said Neeraj Khemlani, the co-president of Hearst Entertainment & Syndication.
Khemlani went on to say that this deal is part of the two firms' efforts in putting together a "strong portfolio of digital video brands" that are specifically aimed at millennials.
"When we look at Complex and how well they've built audiences by championing the digital convergence of cultures for well over a decade, it pairs well with our strategic vision and current shifts in content consumption," said Brian Angiolet, Verizon's senior vice president of consumer product and marketing.
This deal comes hot on the heels of the establishment of Verizon Hearst Media Partners, the two companies' joint venture that kick-started with the unveiling of two digital media properties catering to millennials, or those whose age falls within the range of 18 through 34.
These two media properties include Seriously.TV, a comedy network centered on politics, along with RatedRed.com, a lifestyle channel. These two Web video channels are slated to be unveiled later this spring.
On top of these endeavors, the two firms were also seen as investment partners in AwesomenessTV earlier this month, along with the network's majority owner Dreamworks Animation. AwesomenessTV is a multichannel network that targets young women.
Complex Media was established in 2002 by Marc Ecko, a famous streetwear designer. The company started as a fashion magazine centered on skater and sneaker culture. Eventually, this has grown into a huge network of sites that target the young male audience.
In March, the site's traffic was up 11 percent to 54.5 million unique visitors, according to comScore. Complex Media said that it has been profitable since 2010.
