Verizon and Hearst are expanding their lineup of millennial-focused digital content with the acquisition of Complex Media.
Under the terms of the deal, Hearst and Verizon will enter into equal joint ownership of Complex. Current Complex CEO and co-founder Rich Antoniello will continue to lead the company following the transaction.
Though Verizon and Hearst did not disclose the full details of the agreement, the Wall Street Journal reported the deal to be valued at $250 million to $300 million.
“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,” Verizon’s senior vice president of consumer product and marketing Brian Angiolet said. “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.”
The move comes on the heels of Verizon’s purchase of nearly a quarter stake in AwesomenessTV earlier this month. The carrier announced a partnership with Hearst in March that will see the latter produce two millennial-targeted mobile TV channels to be distributed across AOL and Verizon’s go90 mobile video platform.
Though it, too, is focused on millennials, Complex will bring a male slant to Verizon’s content lineup.
Verizon said Complex has a reach of more than 50 million unique monthly visitors and more than 300 million monthly views.
The transaction is expected to be completed within the next 60 days.
But the deal with Complex isn’t the only one Verizon is working on. The carrier also reportedly submitted a bid to acquire the web assets of struggling Internet company Yahoo. If Verizon can win a deal there, it would bring the carrier another slate of content assets as well as an audience of one billion users on Yahoo’s email, finance, sports and video sites.