Jonah Peretti, founder and CEO of digital publisher BuzzFeed announced plans to downsize its news business amid the departure of several editors. Companywide workforce reductions at the digital pub…
Companywide workforce reductions at the digital publisher, which went public last year via a SPAC deal, will impact about 1.7% of its total workforce including small cuts at both BuzzFeed Video and Complex Editorial.
“This means that BuzzFeed News will need to get smaller, which we have reached out to discuss with the union–and to prioritize the areas of coverage our audience connects with most.” BuzzFeed reported a revenue boost of 18% for the fourth quarter year-over-year to $145 million. Advertising revenue grew by 24% to $69 million; content revenue by 33% to about $60 million; commerce revenue declined 26% to $16 million.a SPAC deal
The shares haven’t fared well of late. They’re trending lower today at about $4.90 from a high of nearly $15.“We believe in the internet as a force for good and a catalyst for growth. We are working together with the tech platforms to create sustainable models for good content to thrive. We’ve made real progress in this area, but we see significant room to strengthen the attribution models around premium content in a way that benefits both platforms and content creators.
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