The changes will take effect by the first quarter of 2023, and it comes nine months after the company bought out most of its news section in a sweeping penny-pinching move.
BuzzFeed will layoff roughly 12 percent of its staff in a measure to cut costs, it said in aon Tuesday. “Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint.
That requires us to lower our costs,” CEO Jonah Peretti wrote in a staff memo. “Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company.” Affected employees will receive a severance package, according to the U.S. Securities and Exchanges Commission filing. BuzzFeed’s layoffs reflect an increasingly hamstrung media landscape barrelled by a tightening economy.
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