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BuzzFeed Plans To Lay Off 15 Percent Of Its Workforce

27 January, 2019, 07:57 | Author: Sara Gill
  • NEW YORK NEW YORK- NOVEMBER 20 Lydia Polgreen speaks onstage at the Committee To Protect Journalists' International Press Freedom Awards at the Grand Hyatt

It was revealed on Friday that BuzzFeed would axe 15% of its global workforce after failing to diversify its revenue.

Peretti told employees in an memo, sent late Wednesday, that after "extensive work" over the past few months, the company had developed a "good understanding" of where to consolidate its team, focus on content that's working and achieve the right cost structure to support its model.

The entire national desk, which produced some of BuzzFeed News' most illustrious feature reporting, was cut.

Many staffers have been dealing with the fallout from the BuzzFeed News controversy last week. Internationally, BuzzFeed News' offices in Spain were closed.

Online media company Buzzfeed is facing a round of layoffs after numerous debacles in their news division, including the controversial publishing of the "Trump dossier" and a recent report denied by special counsel Robert Mueller. The first round happened in 2017, where 100 employees were let go.

Ben Smith, the editor in chief of BuzzFeed News, said in an email to staff that it was a "hard day" and that the organization was "losing a lot of excellent colleagues".

Numerous laid-off employees took to Twitter to announce the news and seek new opportunities. Verizon announced it would cut 7% or approximately 800 jobs from its media division, which includes brands like HuffPost, AOL and Yahoo News, and Gannett slashed dozens of jobs at newspapers across the country.

A Verizon Media spokesperson echoed that sentiment, saying in a statement that the layoffs were part of a "strategic step toward better execution of our plans for growth and innovation into the future". Those lost jobs were mainly on the business side.

The privately held company has not been profitable for several years.

The digital native publisher is reportedly looking to get the expense side in line with revenue for a possible sale or merger with another media property. BuzzFeed is also not the only company to deliver large amounts of layoffs recently either.



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