Ntwrk has been in conversation to acquire Complex Media for months, as the two properties share a number of connections. Several Complex Media staff have left the company to work at Ntwrk, and the founder and CEO of Ntwrk, Aaron Levant, played a critical role in launching ComplexCon in 2016.
On paper, Complex Media brings scale and a socially savvy demographic to pair with the Ntwrk platform. Its annual ComplexCon event, a haven for sneakerheads, streetwear and hip-hop, also offers a built-in vehicle for retail opportunities.
The Complex properties would serve a top-of-funnel function for the Ntwrk business, and the acquisition reflects the growing trend of media companies serving as customer acquisition tools for retail owners.
Universal Music, a potential strategic partner for Ntwrk, would also benefit from the reach and musical bona fides of Complex Media, which includes music-centric titles like Pigeons & Planes, according to a person familiar with the strategy. In recent years, Universal Music has built out its editorial portfolio, WMX, to use the properties to promote musical artists signed to the label.
In the new company, Levant is likely to take the role of CEO, while Ntwrk has sought to hire Noah Callahan-Bever, formerly the chief content officer of Complex Media, as president, according to a person familiar with its plan.
[ad_2]
Source link
