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BuzzFeed to Cut 15% of Staff in New Round of Layoffs

posted by takyon on Thursday January 24 2019, @05:32PM   Printer-friendly
from the Read-all-about-it! dept.

martyb writes:

CNN is reporting BuzzFeed to Cut 15% of Staff in New Round of Layoffs:

BuzzFeed is preparing to lay off about 15% of its employees. The coming contraction is the latest example of a media company making cutbacks in a difficult operating environment.

The reductions will affect multiple departments, including the news division, according to sources familiar with the matter.

BuzzFeed has about 1,450 employees, so about 220 will be leaving, one of the sources confirmed.

BuzzFeed CEO Jonah Peretti confirmed the sharp cut on Wednesday after reporters from other news outlets began inquiring.

The layoffs, he said in an internal memo, are part of a broader effort to "put us on a firm foundation and allow us to invest and grow sustainably for years to come."

After "extensive work" in the past few months, "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," Peretti wrote.

As Google and Facebook gobble up an increasing share of on-line advertising sales, what do on-line services have to do in order to survive?

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  • (Score: 2, Funny) by Anonymous Coward on Thursday January 24 2019, @06:59PM (1 child)

    by Anonymous Coward on Thursday January 24 2019, @06:59PM (#791379)

    A senior editor at BuzzFeed, who requested not to be named, told me that this is expected to result in an increase of anonymous rumors presented as news.

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  • (Score: 1, Funny) by Anonymous Coward on Thursday January 24 2019, @08:51PM

    by Anonymous Coward on Thursday January 24 2019, @08:51PM (#791428)

    An unnamed source familiar with the way management at BuzzFeed thinks brings us news that BuzzFeed is preparing to lay off about 15% of its employees. The coming contraction is the latest example of a media company making cutbacks in a difficult operating environment.

    The leaked reductions will affect multiple departments, including the news division, according to sources familiar with the matter.

    BuzzFeed has about 1,450 employees, so about 220 will be leaving, one of the sources confirmed.

    An anonymous BuzzFeed CEO with knowledge of Jonah Peretti's thinking process confirmed the sharp cut on Wednesday after reporters from other news outlets began inquiring.

    The layoffs, leaked through an internal memo, are part of a broader effort to "put us on a firm foundation and allow us to invest and grow sustainably for years to come."

    After "extensive work" in the past few months, "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," the CEO Peretti reportedly wrote.

    FTFY