BuzzFeed to cut 12% of workforce

The digital media company BuzzFeed is cutting around 12% of its workforce amid the worst economic conditions going on in the world.

This announcement was made in a regulatory filing on Tuesday, but the New-York based company didn’t disclose that number of employees that they are laying off. As per the data firm FactSet, BuzzFeed has 1,522 employees, which would mean roughly 180 employees would be laid off during this.

“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,” CEO Jonah Peretti said in a memo to employees.

Last year, BuzzFeed went public via a special purpose acquisition vehicle, and shares fell nearly 40% in their first week of trading.

Peretti said during the filling that he wants the company to invest “in areas that will drive growth” and build “a more robust creator business.”

The company mentioned  a variety of factors for this decision, such as worsening economic conditions and its acquisition of complex Networks last year. 

The sales, production, tech and content divisions for complex and BuzzFeed will be impacted, but not BuzzFeed News or HuffPost, according to the company. 

The company expects to cut most of the jobs by the end of the first quarter.

Layoffs have now become a major issue in the world, as social media giants such as Meta, Twitter and Snap are also announcing massive layoffs.