BuzzFeed Plans to Cut 12% of Workforce as Challenges Mount

“In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,” Chief Executive

Jonah Peretti

wrote in a memo to affected staffers, according to the filing.

BuzzFeed, which went public late last year through a merger with a special-purpose acquisition company, said it increased revenue 15% in the September quarter, while reporting a loss of $27 million. The company said in November it expected revenue to fall at least 8% in the fourth quarter, compared with the year-ago period. 

BuzzFeed’s stock declined sharply soon after the company went public and is currently hovering around $1 a share. 

A variety of forces have propelled layoffs across the media landscape, from cable news channels to Hollywood studios to news publishers.

BuzzFeed has focused more on its creator network in recent quarters, as people spend less time with the company’s properties and other digital platforms.  

Beyond the economic challenges, BuzzFeed also sees opportunities to reduce duplicate staff following its acquisition of Complex Networks last year, Mr. Peretti said. In a securities filing earlier this year, BuzzFeed said it had 1,522 employees as of Dec. 31, 2021.

The company in March announced buyouts at its news division and said it planned to cut approximately 25 jobs elsewhere, or 1.7% of BuzzFeed’s overall workforce.

Write to Alexandra Bruell at [email protected]

“In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,” Chief Executive

Jonah Peretti

wrote in a memo to affected staffers, according to the filing.

BuzzFeed, which went public late last year through a merger with a special-purpose acquisition company, said it increased revenue 15% in the September quarter, while reporting a loss of $27 million. The company said in November it expected revenue to fall at least 8% in the fourth quarter, compared with the year-ago period. 

BuzzFeed’s stock declined sharply soon after the company went public and is currently hovering around $1 a share. 

A variety of forces have propelled layoffs across the media landscape, from cable news channels to Hollywood studios to news publishers.

BuzzFeed has focused more on its creator network in recent quarters, as people spend less time with the company’s properties and other digital platforms.  

Beyond the economic challenges, BuzzFeed also sees opportunities to reduce duplicate staff following its acquisition of Complex Networks last year, Mr. Peretti said. In a securities filing earlier this year, BuzzFeed said it had 1,522 employees as of Dec. 31, 2021.

The company in March announced buyouts at its news division and said it planned to cut approximately 25 jobs elsewhere, or 1.7% of BuzzFeed’s overall workforce.

Write to Alexandra Bruell at [email protected]