BuzzFeed to cut 15pc of its workers: reports

BuzzFeed, one of the highest profile entertainment and news sites on the internet, plans to cut 15 percent of its workforce, US media reports said Wednesday. The cuts stand to affect between 200 to 250 jobs and come as the company is seeking to reinvest resources in more promising areas such as content licensing and e-commerce, The New York Times and Wall Street Journal reported.

The news was announced in an email by chief executive Jonah Peretti titled “Difficult Changes,” according to the Times. “I’m writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company.

I’m sending this tonight because I wanted you to hear it from me directly instead of from the press.” According to the Journal’s sources, one reason for the changes was to nudge the firm toward profitability while it searches for potential mergers. The other was to avoid another round of fundraising.

BuzzFeed raised around $500 million in the last round in 2016 and was valued at $1.7 billion, with its main investors including Comcast’s NBCUniversal which has invested $400 million.