Verizon's media acquisition spree isn't over yet. Last year, the telecommunications company bought AOL. This year, it has been rumored as the best suited company to land Yahoo. But in the meantime, the carrier, along with media giant Hearst, are close to buying Complex Media, an online media company whose audience is mostly young men and that focuses largely on pop culture and entertainment news, the companies announced on Monday.
Citing anonymous sources, the Wall Street Journal reports that the deal values Complex at between $250 million and $300 million. A Verizon (VZ) 0.15% spokeswoman declined to comment on terms of the deal.
The two companies will split ownership equally, and Complex co-founder and CEO Rich Antoniello will continue to lead the company, which was founded in 2002 by designer Marc Ecko.
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