BuzzFeed is being hit by a series of layoffs, with about 15 per cent of the company employees being let go.
This is the second time that BuzzFeed has laid off a significant number of staff in the past 14 months. The first round happened in 2017, where 100 employees were let go.
“The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again,” Buzzfeed CEO Jonah Peretti said in a company-wide email sent on Wednesday.
“Over the past few months, we’ve done extensive work examining the trends in our business and the evolving economics of the digital platforms. We’ve developed a good understanding of where we can consolidate our teams, focus in on the content that is working, and achieve the right cost structure to support our multi-revenue model. We are confident the changes we are making will put us on a firm foundation and allow us to invest and grow sustainably for years to come.”
The Wall Street Journal was the first outlet to report on the layoffs. BuzzFeed is also not the only company to deliver large amounts of layoffs recently either. Verizon also experienced layoffs recently, laying off around 800 jobs from their company.