BuzzFeed will, unfortunately, be letting go of 12% of its staff to restructure its business.
On Tuesday, BuzzFeed revealed a plan to reduce its staff by almost 12%, resulting in approximately 180 layoffs. This reduction is due to the financial difficulties posed by economic conditions, their acquisition of Complex Networks, and the current trend of viewers opting for shorter, vertical video content.w
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The layoffs drastically impact Complex and Buzzfeed's sales, production, tech, and content departments; however, it will not affect BuzzFeed News or HuffPost.
On Tuesday, the stock of BuzzFeed crashed to an all-time low of $1.06 since its public listing a year ago.
In a memo to employees, CEO Jonah Peretti emphatically stated: “For BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,”
We anticipate that they will eliminate most positions by the close of the first quarter. Our workforce was at about 1,500 employees as of March.
In a remarkable development, BuzzFeed launched its initial public offering last year; however, its stocks plummeted to almost 40% in only one week. To enhance the profitability of its news division and streamline production costs, the company restructured some operations and bid farewell to various high-level editors in March.
On Tuesday, Peretti announced his intention to invest in the company. “In areas that will drive growth” and build “a more robust creator business.”
About BuzzFeed:
BuzzFeed is an American technology and media company that has become the leading global news and entertainment company for millennials. It has a diverse portfolio of digital, social, video, and branded content across multiple platforms reaching over 200 million people around the world. BuzzFeed's mission is to inform, inspire, and entertain through bold storytelling in order to create positive change. Through innovative content, engaging experiences, and meaningful connections to culture and community, BuzzFeed seeks to be the world's leading source for news, entertainment, and sharable content. With its headquarters in New York City, BuzzFeed has offices in Los Angeles, San Francisco, Chicago, London, Paris, Berlin, Tokyo, Sydney and Toronto.
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