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He also mentioned that revenue chief Edgar Hernandez and operating chief Christian Baesler have decided to leave the company.īuzzFeed had previously cut nearly 12% of its workforce, or around 180 staffers, in December 2022, citing challenging economic conditions and its acquisition of Complex Networks. Peretti acknowledged fault in not managing the changes better and being slow to realize that major platforms would not provide the necessary distribution or financial support for premium journalism designed for social media. This move comes amid a challenging period for digital media companies, as publishers are cutting staff due to reduced spending by advertisers. However, several large shareholders had been urging Peretti to shut down its news operations. BuzzFeed News, which had about 100 employees and reportedly lost about $10 million a year, was known for its straight news and investigative reporting, and had won a Pulitzer Prize in 2021 for its coverage of China’s mass detention of Muslims.
The layoffs will impact BuzzFeed’s business, content, administration, and tech teams, totaling approximately 180 people.
BuzzFeed CEO Jonah Peretti announced in an email to staff on Thursday that the company will be laying off 15% of its workforce and shutting down its news unit.
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