BuzzFeed to cut 15% of jobs in latest digital-media retrenchment

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Buzzfeed logo

BuzzFeed raised around $500 million in the last round in 2016 and was valued at $1.7 billion, with its main investors including Comcast's NBCUniversal which has invested $400 million.

In an email sent to BuzzFeed staff on Wednesday, CEO Jonah Peretti said the media company would be doing layoffs "next week" across the company.

This is the second time that BuzzFeed has laid off a significant number of staff in the past 14 months. Today, a new threat seemingly looms over the entire industry, as one reckoning after another comes for both print and digital shops alike.

Verizon acquired HuffPost in 2015 (as a part of AOL), but so far the telecom giant hasn't cut costs enough to make media margins pay off: Verizon also cut 39 HuffPost union members as part of a massive 2.1k-person downsize in 2017.

Peretti wrote in his email that the company's business has grown by "double digits" over the previous year, but said "unfortunately, revenue growth by itself isn't enough to be successful in the long run".

Buzzfeed was criticized by the president last week as well after the office of Special Counsel Robert Mueller said a story on Trump's former lawyer Michael Cohen and the Russian Federation investigation was not accurate.

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The news came on a trying day for staff at media companies.

While employees expressed their sadness, however, many also turned to Twitter to thank the outlet for the opportunities it gave them. "We will be making a 15% overall reduction in headcount across the company". He promised to tell staff whether they would be affected by Monday and said the company had been working to diversify its revenue away from online advertising.

Massive job cuts are coming to BuzzFeed - with 15 percent of its workforce getting the ax.

"This week will be tough for all of us and I realize it will be much worse for the people who are losing their jobs".

Jonah Peretti, founder and CEO, Buzzfeed, speaks at The Wall Street Journal Digital Conference in Laguna Beach, California, U.S., on October 18, 2017.

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