Under the terms of the agreement, Verizon and Hearst will each own 50% of Complex through a joint venture. Verizon and Hearst said they’ll use Complex to develop video content for Verizon’s digital platforms, including go90 mobile video, AOL.com, and more.
Last month, Verizon and Hearst teamed up to create Verizon Hearst Media Partners. The company recently invested in AwesomenessTV. Rich Antoniello, Complex CEO and co-founder, will continue to lead the company once the acquisition is completed. Verizon and Hearst expect to close the deal within 60 days. Verizon has been bulking up its media properties for the better part of a year. It is one of the main contenders to acquire portions of Yahoo’s internet business, though no deal has yet been announced.
