Report: Buzzfeed to lay off over 200 employees next week

Rate this post

As someone on Twitter said: “They are probably just laying off non-essential personnel, like fact-checkers.”

From Hollywood Reporter: BuzzFeed is laying off 15 percent of its workforce, about 215 people, sources tell The Hollywood Reporter.

CEO Jonah Peretti on Wednesday sent a memo to staffers with the subject line “Difficult Changes” in which he explained that efforts to diversify revenue weren’t enough to help the company achieve profitability.

“Unfortunately, revenue growth by itself isn’t enough to be successful in the long run,” he wrote. “The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our destiny, without ever need to raise funding again.”

The cuts, expected to be company-wide, are set to take place next week. The staff reductions will give BuzzFeed a faster path to profitability, a spokesperson said.

“Rumors started flying” about the layoffs on Tuesday in the company’s New York and Washington, D.C.-based offices. “Lots of people are talking about it,” said an employee on the basis of anonymity. About 1,450 staffers work at BuzzFeed.

In the memo, Peretti noted that he’s “never thought about my job as ‘just business.’ I care about the people at BuzzFeed more than anything other than my family. This will be a tough week for all of us and I realize it will be much worse for the people losing their jobs.” The exec added that he was sorry to the people who would be let go.

BuzzFeed employees are not new to the cost-cutting process, but reporters and editors in the U.S. and at BuzzFeed News have largely been spared from previous rounds of cuts. The news division is expected to be impacted by the cuts but isn’t the division most affected.

BuzzFeed parted ways with about 100 employees in November 2017, which Peretti positioned as an evolution of the company, though those affected worked mostly in advertising sales and business operations.

“Our business is more diverse and balanced than it was a year ago and, very importantly, for the first time a quarter of our annual revenue will come from sources other than direct sold advertising,” Peretti wrote in a memo to staff at the time.

BuzzFeed News, which launched in earnest when the company poached editor-in-chief Ben Smith from Politico in 2012, regularly produces reporting on par with much larger news organizations, such as a Jan. 17 scoop about President Donald Trump and his former fixer Michael Cohen that upended the media-political ecosystem for several days and led to the office of the special counsel issuing a rare statement denying an aspect of the story.

But, newsgathering is not generally profitable, and the company has not followed legacy media competitors in putting reporting behind a paywall. Instead, the company has sought to tap different sources of consumer revenue, including a paid membership program that launched in November.

“We’ve had years when we’ve been profitable, and years when we’re not profitable,” Peretti said on an industry podcast last July. “On years, when we’re profitable, we haven’t said we’re profitable. We’ve proven we can be profitable. I feel good about where our business is now.”

He added, “Sometimes, it’s not smart to focus on profitability. Right now, we’re focused on sustainable growth so we’re innovating, managing our costs in a more rigorous way and we’re growing our top line in double-digit growth.”

DCG

Better than Drudge Report. Check out Whatfinger News, the Internet’s conservative frontpage founded by ex-military!

Please follow and like us:
0
Advertisements
 

10 responses to “Report: Buzzfeed to lay off over 200 employees next week

  1. May this layoff of 200 employees be the beginning of Fake-News Buzzfeed’s bankruptcy.

     
  2. Best news of the day. Now I can go on feeling happy again. What a wonderful day. I love it when they go down.

     
  3. no use for a name

    Remember that half of the population is so stupid and useless that it believes everything some lame hack outfit like Fuzzbeed puts out.
    Don’t waste time on people who refuse to acknowledge the fifth column of enemy traitors among us known as the democrats.
    Also remember that the democrats number one goal is the complete destruction of the USA.

     
  4. “‘The staff reductions will give BuzzFeed a faster path to profitability,’a spokesperson said.” No responsibility toward the people they hired and summarily fired, only money and more money for tribal insiders. What a disgusting slime ball Paretti proves himself to be, doubly insulting those he fired by saying he cares for them like family. The reality is that some scheme solely to put money in his and his cronies’ pockets didn’t pan out so he threw those “human resources” under the bus. This is no fluke, it’s the New American Proposition, a palpable convergence of the CNN left and Fox News right in materialist success as the ultimate meaning in life.

     
    • Profitability is usually a business goal in order to stay in business. Ideally non-profits have to stay in the black to employ people as well.

      Some folk start businesses for social responsibility and others do so to partake in capitalism. The beauty is you, as an employee, have the right to decide which kind of company you want to apply/work for.

       
      • Well, you don’t have to worry about “profitability” if you’re funded by the CIA. All of these “news” (read propaganda) centers are government and NGO funded. No sponsor would stay with someone who did nothing but chant “Trump, Trump, Trump, Russia, Russia, Russia….”, all day, every day.

        There IS no TV “news”. There is just propaganda. The copy gets directly fed to them daily.

         
  5. BullFeed speaks with forked tongue. 🐍🐍

    How many people does it require to make up and put out completely fabricated stories?

     
  6. Making our way into a a divided society; one part, AI, artificial intelligence, the other, GS, genuine stupidity.

     
  7. Buzzfeed’s main New York office is located at approximately 117 E. 17 St. I picked up some staffers from Buzzfeed over a year ago in my Uber, and they were discussing their financial problems then. Other than their political coverage, I think they have a good website, at least visually.

    But I agree with Dr. Eowyn that I also hope that this signals the beginning of the MSM’s total financial bankruptcy. The demographics of all the audiences are changing, but that doesn’t mean anyone is going to “wise up” any time soon. But we have at least seen that the Big Three’s stranglehold on the news narrative has been broken. But Gangsta Government ain’t over yet: Again, I don’t think Donald Trump—acting alone—can stop it at this point.

     
    • It’s all engineered. If they’re still in business its because the “Company” and their affiliates are funding them. They need a steady drone for the programming to work.

       

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.