Universal Music Group (UMG) is to acquire a stake in Complex as part of a takeover by live-video shopping platform NTWRK.
Interscope Geffen A&M (IGA) and Capitol Music Group have been revealed as the first UMG labels to work with the new company, which could profoundly impact music consumption and the fan experience.
UMG is involved alongside other investors including Goldman Sachs, Main Street Advisors and Interscope founder Jimmy Iovine, with a press release stating the project’s mission of “creating a new destination for ‘superfan’ culture that will “define the future” of music, digital media and commerce.
BuzzFeed acquired Complex in a $294 million agreement back in November 2021, while the NTWRK deal is worth a reported $108.6 million.
John Janick, chairman and CEO of IGA, will sit on the board of the new business, which will be led by Aaron Levant, who co-founded NTWRK with Jamie Iovine and Gaston Dominguez-Letelier in 2018. NTWRK is estimated to reach $68 billion in sales by 2026.
John Janick
“This partnership will give our artists access to a dynamic network to deepen connections with superfans through unique collaborations and cultural moments,” Janick said. "We share a collective vision on how D2C, experiential, brand partnerships and content are mutually reinforcing cornerstones of the fan experience. We will continue to sign and elevate new generations of great talent and we believe that we can best serve these artists through a holistic set of capabilities.”
We share a collective vision on how D2C, experiential, brand partnerships and content are mutually reinforcing cornerstones of the fan experience
John Janick
Aaron Levant said: “Complex has been a beacon of culture and innovation for over two decades. My journey with Complex began as an admirer of their original magazine in 2002 and it has now come full circle as I step into the leadership role. Alongside this impressive team, we will create the definitive global content, commerce, and experiential platform of convergence culture.”
So far, NTWRK has partnered with Post Malone, Lewis Hamilton, BLACKPINK, Takashi Murakami and more.
Combining the power and reach of Complex with the NTWRK engine will be transformative for the next generation of consumer technology
Jimmy Iovine
Jimmy Iovine said: “Aaron Levant, along with Jamie Iovine and Gaston Dominguez-Letelier, are building an incredible platform and this acquisition will exponentially accelerate its growth. Combining the power and reach of Complex with the NTWRK engine serving creators across music, fashion, and art will be transformative for the next generation of consumer technology.”
Paul Wachter, CEO and founder of Main Street Advisors, added: “We are proud to be early investors in NTWRK and to be investing again to bring them together with Complex. The combination of these two very creative and innovative teams will build a business designed for the future of content and commerce as well as artist and audience.”
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