LeBron James' SpringHill is circling Complex Networks as owner BuzzFeed struggles to regroup after layoffs and a stock price plunge
LeBron James and Maverick Carter's SpringHill has had conversations about buying BuzzFeed's Complex Networks, sources said.No formal offer has been made by SpringHill, and there's no guarantee a deal will get done.
SpringHill Co., LeBron James and Maverick Carter's media and entertainment venture, has explored buyingNo formal offer has been made by SpringHill, and there's no guarantee a deal will get done. One of the sources familiar said BuzzFeed CEO Jonah Peretti has not been receptive to the idea. BuzzFeed declined to comment.
SpringHill has internally discussed offering around $100 million for Complex, the people said. That would be a significant discount from the $300 million in cash and equity that BuzzFeed laid out in 2021 to acquirethat's best known for its video series and live events. Peretti conceded the integration of the two companies has had challenges, saying in a recent staff memo that it"should have been executed faster and better.
"There's ongoing conversations" with Peretti and others, one of the sources familiar with the SpringHill situation said."But it has not progressed to a place where there's a formal negotiation." It's also possible another buyer could emerge. Two separate sources close to BuzzFeed told Insider that several other parties are exploring acquiring its properties. In addition to Complex Networks, BuzzFeed has HuffPost; food vertical Tasty, which includes licensed cooking products; as well as video series like travel-themed"Bring Me."
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