BuzzFeed Slashes 15 Percent of Workforce Amid Digital Media Shift
BuzzFeed announces a 15 percent workforce reduction, affecting about 250 employees, as the digital media giant adjusts to evolving platform economics.
BuzzFeed announces a major round of layoffs that reduces its workforce by 15 percent, affecting approximately 250 employees early next week. CEO Jonah Peretti shares a memo explaining that the company analyzes evolving digital platform economics to determine where to consolidate teams and focus on successful content. This restructuring represents the largest staff reduction in the company's history, surpassing a previous cut of 100 jobs in 2017.
The staffing cuts arrive during a dark day for the media industry, following Verizon Media Group's announcement of 800 layoffs and Gannett's substantial newsroom reductions across the United States. Peretti expresses confidence that these difficult measures chart a sustainable course of growth for the digital media giant. The primary goal is to transform the maturing company's revenues into a reliable profit so that BuzzFeed sustains operations without seeking additional funding.
Since its founding, BuzzFeed raises a total of $500 million from investors, including a massive $400 million from NBCUniversal. Employees currently wait in limbo for the official notifications to arrive, creating an uncomfortable atmosphere within the organization. Peretti acknowledges the difficulty of the week, offering his gratitude and apologies to the affected workers while hoping for future collaborations.