Verizon Communications Inc. and Hearst Corp. agreed to acquire publisher Complex Media Inc., part of the companies’ combined efforts to attract younger viewers to their online programming.
Terms of the deal weren’t disclosed. The Wall Street Journal reported earlier Monday that the companies were close to an agreement valuing Complex at $250 million to $300 million.
Verizon is working with Hearst, the closely held publisher of Cosmopolitan and Esquire magazines, to build a variety of online entertainment options. It’s part of a plan by the mobile-phone carrier to expand beyond wireless service into advertising and media. The companies’ joint venture, Verizon Hearst Media Partners, is starting two mobile channels this year -- RatedRed.com, which will feature lifestyle content aimed at young people who live in the “heartland,” and Seriously.TV, a comedic news network.