Continuing a pivot to video that accelerated with the shuttering of its print editionearlier this year, Complex Networks carried out layoffs of "much of its product team" on Friday, according to tech site Recode.
"Since embarking on a rapid expansion into video this past year, we’ve had success in both premium content and across our networks," the company said in a statement. "We've made changes at Complex Networks to ensure we remain efficient, nimble and focused on areas that will deliver on our vision."
Founded by fashion designer Marc Ecko in 2002, Complex built its brand as a magazine by focusing on hip-hop culture through its bi-monthly magazine. The Complex Media Network, launched a half-decade later and soon became a publishing force in the music media landscape, encompassing dozens of sites such as Pigeons & Planes, Sole Collector, First We Feast and its flagship Complex.com, becoming a profitable enterprise by 2010.
Following a $21 million investment by the Hearst Corporation in September 2015, Complex Media was acquired by Hearst and Verizon in April 2016 in a 50-50 ownership deal that valued the brand between $250-$300 million. In late December, the company announced that its December-January print issue -- featuring Pusha T and Sofia Richie -- would be its last.
Pivot to Video-itis, categorized by nixing written editorial in favor of more advertiser-friendly video, has also be contracted by MTV, Mic.com, CMT and others.
