Verizon, Hearst Agree to Buy Complex Media

Verizon Communications and Hearst said they have agreed to acquire Complex Media, an online publisher that caters to young men. The deal values Complex at $250 million to $300 million, according to people familiar with the matter.

In 2015 Hearst took an undisclosed minority stake in Complex, investing $21 million in the company. Hearst and Verizon will own Complex in an equal 50-50 joint venture. The deal follows the two firms’ creation of Verizon Hearst Media Partners. It kicked off with the launch of two digital media properties aimed at millennials: RatedRed.com, a lifestyle channel aimed at young people in the heartland, and Seriously.TV, a comedy network focused on Politics. Both unveiled their first content this spring. Verizon and Hearst became investment partners in AwesomenessTV, a multichannel network targeting young women, along with majority owner DreamWorks Animation.