It has been buying up competitors, including HuffPost, the media outlet founded in 2005 as The Huffington Post, from Verizon Media in November. BuzzFeed said Thursday that it plans to buy Complex Networks from Verizon and Hearst for USD 300 million. Complex is a global youth network that engages with millennials and Gen Z. Digital advertising is a tough space to succeed in, and digital newsrooms have been consolidating, including Vox's purchase of New York Magazine and its digital arms. Facebook and Google get the majority of digital-ad dollars. In a statement, Peretti said the acquisition of Complex would “open the door to even more revenue opportunities.” A number of companies this year have chosen a non-traditional path to putting their shares on the public market, choosing to skip partnerships with traditional financial institutions, and instead merging with a special purpose acquisition company, or SPAC.