BuzzFeed will lay off 15% of staff and will shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday.
BuzzFeed will lay off 15% of staff and will shut down BuzzFeed News, CEO Jonah Peretti wrote in an email to staff Thursday.CRO Edgar Hernandez and COO Christian Baesler will exit the company.The BuzzFeed News website on a laptop computer arranged in Hastings-on-Hudson, New York, U.S., on Monday, Dec. 6, 2021.will lay off 15% of staff and shut down its news unit, BuzzFeed CEO Jonah Peretti wrote in an email to staff Thursday.
Peretti also wrote that revenue chief Edgar Hernandez and and operating chief Christian Baesler have made the decision to exit the company.I am writing to announce some difficult news. We are reducing our workforce by approximately 15% today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News. Additionally, we are proposing headcount reductions in some international markets.
The changes the Business Organization is making today are focused on reducing layers in their organization, increasing speed and effectiveness of pitches, streamlining our product mix, doubling down on creators, and beginning to bring AI enhancements to every aspect of our sales process. I want to explain a little more about why we've come to these deeply painful decisions. We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts.
Additionally, I made the decision to overinvest in BuzzFeed News because I love their work and mission so much. This made me slow to accept that the big platforms wouldn't provide the distribution or financial support required to support premium, free journalism purpose-built for social media. I've learned from these mistakes, and the team moving forward has learned from them as well. We know that the changes and improvements we are making today are necessary steps to building a better future.
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