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BuzzFeed Lays Off a Third of Its Staff
The New York Times • • business
Key Points:
- BuzzFeed laid off about 180 employees, over a third of its remaining staff, as part of cost-cutting measures under new owner Byron Allen to address millions in annual losses.
- The layoffs impacted various divisions, including HuffPost, Tasty, and BuzzFeed’s film and TV studio, and were announced via an internal company memo.
- Since acquiring BuzzFeed in May for $120 million, Byron Allen has taken steps to reduce the company’s $58.4 million debt and stabilize operations amid ongoing financial struggles.
- Founder Jonah Peretti stepped down as CEO to focus on artificial intelligence initiatives through a new subsidiary, Branch Office, aiming to position BuzzFeed as a leader in AI-driven apps and interactive content.
- Despite previous layoffs and the 2023 shutdown of BuzzFeed News, the company continues to shrink, with Allen promising to expand BuzzFeed’s presence in streaming and user-generated content to compete with major tech platforms.
