Buzzfeed to axe 15% of staff across the company

Buzzfeed will make a 15% reduction in staff across its business in a bid to reduce costs and improve its operating model, CEO Jonah Peretti has announced.

In a note sent to staff on Wednesday afternoon in the US, Peretti said the business would commence “layoffs” from next week. Buzzfeed has declined to comment on how this will impact the Australian market.

Buzzfeed will cut 15% of staff across the business

The latest announcement comes almost two years after Buzzfeed re-structured its US arm, with approximately 100 redundancies, and six months since the organisation made 20 people redundant – and hired 45 – as part of changes to its business.

This week, Peretti said revenue growth was not enough for long term success.

“The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again,” Peretti told staff.

“These changes will allow us to be the clear winner in the market as the economics of digital media continue to improve.”

Peretti said he would to continue to inform staff of the changes, which he believes is the “right business decision”, but said he was upset and disappointed that he had to make staff redundant.

“I care about the people at Buzzfeed more than anything other than my family,” Peretti said. “This will be a tough week for all of us and I realise it will be much worse for the people losing their jobs. To them, I want to say thank you, I’m sorry our work together is ending this way, and I hope we get to work together again in the future. Our loss will be to the benefit of other organisations where I know you will go on to make formidable contributions.”

“We will be back to you with specifics on the process by Monday at the latest.”

Buzzfeed Australia currently has approximately 40 staff.


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