Hearst Invests $21 Million in Pop-Culture Network Complex Media

Hearst has made another bet on an emerging pop-culture brand, investing $21 million in Complex Media, a digital-media company that operates websites devoted to music, fashion, food and movies.Hearst, the publisher of Cosmopolitan and Esquire magazines, last year acquired a 25% stake in youth-focused online programmer AwesomenessTV and invested in Vice Media through its jointly owned A&E Networks. This most recent round brings the total raised by Complex, whose properties include the fan-boy site Collider, to $52 million, according to a statement Tuesday.Media companies are investing in online enterprises that provide promising, inexpensive new formats and talent at a time of uncertainty in the traditional TV business. Hearst, based in New York, is targeting very strong brands that could turn into cable networks of the future, said Neeraj Khemlani, president of the company's digital studios unit. He said Complex could especially help Hearst attracting young men. Continue reading at AdAge.com Continue reading at 'Advertising Age'

[ Advertising Age | 2015-09-22 00:00:00 UTC ]

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