BuzzFeed announced another round of layoffs as share prices reach all-time lows.
In a new regulatory filing released Tuesday, BuzzFeed announced it would be laying off approximately 12% of its workforce.
NEW: @BuzzFeed cutting roughly 12% its workforce (~180 employees), it said in a regulatory filing today.
– It last announced cuts to its news division in March
-Share price $BZFD today is $1.10, all-time lowhttps://t.co/c2ze3VdEXF— Sara Fischer (@sarafischer) December 6, 2022
“The reduction in workforce plan is intended to reduce the Company’s costs in response to a combination of factors, including (i) challenging macroeconomic conditions; (ii) completing the integration of Complex Media … and eliminating redundancies where they exist in both functions and teams and (iii) an ongoing audience shift to short-form, vertical video, which is still developing from a monetization standpoint.”
BuzzFeed said it expects to complete the layoffs by the end of the first quarter in 2023. (RELATED: NYT Newsroom Threatens Publisher, CEO With Massive Walkout)
CEO Jonah Peretti said in a letter to employees that the company’s “revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video.”
Letter from CEO Jonah Peretti to impacted employees below.
– Peretti: “Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint.” pic.twitter.com/0sZYBgyqFT— Sara Fischer (@sarafischer) December 6, 2022
“I want all of you, but especially those that are receiving difficult news today, to know that these changes do not reflect on the good work that these employees have done over the years to build our economy and brands,” Peretti wrote. “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.”
BuzzFeed isn’t the only media company experiencing layoffs. CNN’s president Chris Licht announced massive layoffs at the network after its profit sank below $1 billion for the first time since 2016 amid record-low ratings. CNN’s sister news station, HLN, stopped live programming beginning the first full week of December.
Meanwhile, NPR has enacted a “total hiring freeze” to prevent layoffs and compensate for lost revenue.
The Washington Post announced it would eliminate the stand-alone weekly Sunday magazine, terminating 10 employees.