Online news portal BuzzFeed retrenches about 180 staff

NEW DELHI: Online news portal BuzzFeed, which also owns the Huffington Post and Complex Networks, has laid off at least 180 employees or 12 per cent of its workforce, as media layoffs grow amid the challenging global conditions.

BuzzFeed CEO Jonah Peretti said in an internal memo to impacted individuals that we are reducing our workforce by approximately 12 per cent and “letting many talented colleagues go”.

“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 company and our brands,” Peretti added.

He said 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”.

The reduction in workforce plan is intended to reduce the company’s costs in response to a combination of factors. The CEO said 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 monetisation standpoint. “That requires us to lower our costs. Staff salaries are the single largest cost at the company,” he added.