BuzzFeed layoffs were announced yesterday as the media company is looking to restructure its business model.
Here are seven things you need to know about the job cuts:
- The company said that roughly 15% of its employees, or 220 of its 1,450 workers, will be laid off.
- The news was announced by BuzzFeed CEO Jonah Peretti on Wednesday following inquiries from reporters at other news outltss.
- Peretti wrote in an internal memo that the move is part of a broader effort to “put us on a firm foundation and allow us to invest and grow sustainably for years to come.”
- The reductions will reportedly affect a number of the company’s departments, including its well-known news division, according to sources close to the matter.
- Peretti added that the move came about after “extensive months” in recent months as “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 boss added that the BuzzFeed layoffs are part of a “restructuring” plan geared towards lowering costs and bolstering the company’s operating model so it doesn’t need to raise funding once again.
- Peretti also said that such changes will help the site become “the clear winner in the market as the economics of digital media continue to improve.”
