Verizon, which bought AOL last year, continues its aggressive acquisition agenda, joining forces with Hearst in its latest effort. Fortune reports that the companies announced Monday that they’re close to buying the online media company Complex Media, which brings with it an audience of mostly young men.
Complex Media focuses heavily on pop culture and entertainment news, the report notes. “Citing anonymous sources, The Wall Street Journal reports that the deal values Complex at between $250 million and $300 million. A Verizon VZ 0.52% spokeswoman declined to comment on terms of the deal,” Fortune notes.
The report adds: “The two companies will split ownership equally, and Complex co-founder and CEO Rich Antoniello will continue to lead the company, which was founded in 2002 by designer Marc Ecko. Complex covers topics like entertainment news, sneakers and hip-hop culture, sports, and technology. Sometimes its magazine features racy covers like a recent one of celebrity Khloe Kardashian.”