BuzzFeed Cuts More than 180 Jobs After Allen Media Takeover
The cuts follow a nearly 20% drop in advertising revenue and a $15.1 million quarterly loss as the company seeks profitable growth.
- On Monday, BuzzFeed announced plans to cut 180 jobs, or 35% of its workforce, across the online publisher and sister brands HuffPost and Tasty. This restructuring follows media mogul Byron Allen's majority stake acquisition two months ago.
- Leadership stated these cuts are necessary to "put our business on a path to profitable and sustainable growth." The company reported a $15.1 million net loss in the first quarter of the year.
- BuzzFeed expects the layoffs to generate annualized savings of $29 million to $32 million, while estimating up to $8.5 million in severance-related charges. These adjustments aim to optimize operating expenses and preserve cash.
- Allen plans to leverage BuzzFeed, HuffPost, and Tasty content to fuel his free advertising video on-demand platform, Local Now. BuzzFeed Studios will operate as a consolidated entity to maximize synergies.
- Allen, who recently purchased a CBS late-night time slot and holds a 10.7% stake in cable channel Starz, continues expanding his media empire. He acquired BuzzFeed's majority stake for $120 million in May.
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19 Articles
Byron Allen, entrepreneur of the world of media and pop culture and new owner of BuzzFeed, will fire 180 employees of the U.S. news site, about 35% of the total. The decision is part of a plan to reduce the losses of the company, which used 12.5 million dollars of its receipts to buffer debts. [...] L'articolo The new owner of BuzzFeed has announced that he will fire 35% of the employees comes from Il Fatto Quotidiano.
'The Money Is the Easy Part': Byron Allen Cuts 35% of BuzzFeed Workforce to Save $32M
BuzzFeed, the digital media company known for its viral content, announced sweeping layoffs on Thursday as part of an effort to cut costs and return the business to profitability. The cuts, affecting approximately 35% of its workforce, will eliminate about 180 employee and contractor roles across BuzzFeed, HuffPost, and Tasty. Sweeping Cuts to Restructure the Business The layoffs were disclosed in a US Securities and Exchange Commission (SEC) fi…
BuzzFeed Lays Off 33 Percent of Remaining Staff After Bizarre Pivot to AI
Things just keep getting worse for BuzzFeed. On Monday, the struggling media company announced the layoffs of 180 employees, or about a third of its entire workforce, in the latest sign of its decline since its unexpected pivot to AI. The cuts, according to the New York Times, affect employees at its news site HuffPost, BuzzFeed’s film and TV studio, and the recipe publisher Tasty. “We’ve been actively managing costs for some time, working throu…
(Los Angeles=Yonhap News) Correspondent Kim Kyung-yoon = BuzzFeed, an online media outlet once called the 'future of media,' is carrying out a large-scale restructuring that will cut one-third of its workforce...
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