Group acquired by NTWRK, invested by Universal Music Group

Livestream shopping platform NTWRK acquires music and sports-focused media company Complex Networks. The deal will create a new entity that the two companies claim will be “a new destination for superfan culture” and bring an e-commerce marketplace to the former media brand's ecosystem.

The news was announced on Wednesday (February 21), with investment from Main Street Advisors, Universal Music Group, Goldman Sachs and Interscope Records Jimmy Iovine. UMG will also join as a strategic partner and current president/CEO of Interscope John Janick will join the company's board of directors.

NTWRK is acquiring Complex from Buzzfeed, which bought the streetwear-focused media company in 2021 for $300 million. However, terms of the deal were not disclosed The New York Times mentionted Last October that a deal worth $140 million was close. subsequent reference in December he put the price at just over $100 million. Co-Founder/CEO of NTWRK Aaron Levant — who originally created NTWRK together Jamie Iovine and Gaston Dominguez-Letelierand co-founded ComplexCon with the founder of Complex Marc Ecko in 2016 — will become CEO of the new company.

“The Complex has been a beacon of culture and innovation for over two decades,” Levant said in a statement. “My journey with Complex began as a fan of their original magazine in 2002 and has now come full circle as I step into the leadership role. Together with this impressive team, we will create the definitive global content, commerce and experiential platform of the convergence culture.”

NTWRK has previously collaborated with several UMG artists, including Billie Eilish, Post Malone and BLACKPINK, the latter of whom collaborated with Takashi Murakami for Interscope's 30th Anniversary Vinyl Collection. UMG's participation, however, is not exclusive, and the new platform will remain open to artists from any label, major or independent.

“This partnership will give our artists access to a dynamic network to deepen connections with superfans through unique collaborations and cultural moments,” Janick said in a statement. “We share a collective vision of how D2C, experiential, brand partnerships and content mutually reinforce the cornerstones of the fan experience. We will continue to sign and elevate new generations of great talent and believe we can best serve these artists through a holistic set of capabilities.”

Focusing on the superfan is a priority for UMG this year, with UMG president/CEO Lucian Grange writing in his New Year's memo to staff that “the next focus of our strategy will be to grow the pie for all artists by strengthening the artist-fan relationship through superfan experiences and products,” which he called part of the “label program of the future”.

The new label also comes amid many changes in both the music and media industries. UMG announced a massive label restructuring earlier this year, with Janick overseeing Capitol Music Group and other labels as the music major faces imminent layoffs. At the same time, Buzzfeed is believed to be selling Complex for well under half of what it acquired it for just three years ago, amid a wider cycle of media layoffs and closures across the industry. Warner Music Group, which last year laid off 600 people, also announced it will sell some of its proprietary media properties, including HipHopDX and Uproxx.

“Aaron Levant, along with Jamie Iovine and Gaston Dominguez-Letelier, are building an incredible platform, and this acquisition will exponentially accelerate its growth,” Jimmy Iovine said in a statement. “Combining the power and reach of Complex with the NTWRK engine serving creators across music, fashion and art will transform the next generation of consumer technology.”