Verizon Hearst Media Partners, a joint venture between Verizon Communications and media conglomerate Hearst, entered into an agreement to acquire Complex Media, the companies said in a Monday evening statement.
The Wall Street Journal had reported earlier Monday that the then-unannounced deal would value Complex , an online publisher, at $250 million to $300 million. The parties said in the release that they expect the deal will be completed within the next 60 days.
"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," said Brian Angiolet, Verizon's senior vice president of consumer product and marketing, in the statement. "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."
Complex will develop video content for distribution across Verizon digital platforms, the release said, and it will be owned 50-50 between Verizon and Hearst.
Hearst had already invested $21 million in Complex last year, the Journal reported.