Paybacks are a motherfucker....even when you're a dishonest journalist. https://nypost.com/2019/01/23/buzzfeed-to-reportedly-lay-off-15-percent-of-its-workforce/
BuzzFeed to reportedly lay off 15 percent of its workforce
Massive job cuts are coming to BuzzFeed — with 15 percent of its workforce getting the ax.
A memo sent to employees during the early evening Wednesday from Chief Executive Jonah Peretti, with the subject line “Difficult Changes,” told of plans to lay off 15 percent of the workforce, or about 200 staffers.
The cuts target the global and web content departments, including the news division, according to sources.
“Hello BuzzFeeders,” Peretti wrote in the memo. “I’m writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company.”
The digital native publisher is reportedly looking to get the expense side in line with revenue for a possible sale or merger with another media property.
BuzzFeed was relying on Facebook traffic for millions of page views and clicks until recently but has seen traffic fall following the social media giant’s repeated algorithm changes.
While it’s unclear if it played a role in the site’s profitability, a Jan. 10 Facebook update made it so users would see posts from friends and family before ones from brands and media companies.
Investors in BuzzFeed include NBCUniversal, Andreessen Horowitz, a Silicon Valley-based venture fund, and Hearst.
Roughly 1,500 people currently work at the NYC-based company. Management was forced to let about 100 staffers go in November 2017 due to dwindling profits.
“We’ve had years when we’ve been profitable, and years when we’re not profitable,” Peretti explained during a 2018 podcast.
“On years when we’re profitable, we haven’t said we’re profitable.”
Many staffers have been dealing with the fallout from the BuzzFeed News controversy last week.
The media outlet has come under fire for its report Friday that President Trump instructed his onetime lawyer and fixer Michael Cohen to lie to Congress on alleged real estate dealings with the Russians. Special counsel Robert Mueller disputed the report.
Massive job cuts are coming to BuzzFeed — with 15 percent of its workforce getting the ax.
A memo sent to employees during the early evening Wednesday from Chief Executive Jonah Peretti, with the subject line “Difficult Changes,” told of plans to lay off 15 percent of the workforce, or about 200 staffers.
The cuts target the global and web content departments, including the news division, according to sources.
“Hello BuzzFeeders,” Peretti wrote in the memo. “I’m writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company.”
The digital native publisher is reportedly looking to get the expense side in line with revenue for a possible sale or merger with another media property.
BuzzFeed was relying on Facebook traffic for millions of page views and clicks until recently but has seen traffic fall following the social media giant’s repeated algorithm changes.
While it’s unclear if it played a role in the site’s profitability, a Jan. 10 Facebook update made it so users would see posts from friends and family before ones from brands and media companies.
Investors in BuzzFeed include NBCUniversal, Andreessen Horowitz, a Silicon Valley-based venture fund, and Hearst.
Roughly 1,500 people currently work at the NYC-based company. Management was forced to let about 100 staffers go in November 2017 due to dwindling profits.
“We’ve had years when we’ve been profitable, and years when we’re not profitable,” Peretti explained during a 2018 podcast.
“On years when we’re profitable, we haven’t said we’re profitable.”
Many staffers have been dealing with the fallout from the BuzzFeed News controversy last week.
The media outlet has come under fire for its report Friday that President Trump instructed his onetime lawyer and fixer Michael Cohen to lie to Congress on alleged real estate dealings with the Russians. Special counsel Robert Mueller disputed the report.
