BuzzFeed Cuts 15% of Its Company Workforce
Coping with “evolving economics.”
According to reports, BuzzFeed is set to cut 15 percent of its employees across the company.
Overall, the 15 percent cut will amount to 250 employees being let go from the company. The drastic move from the digital-media platform is a move to deal with challenges of the advertising market. In a memo to employees, Chief Executive Officer Jonah Peretti said, “we’ve developed a good understanding of where we can consolidate our teams, focus in on the content that is working, and achieve the right cost structure.” The layoffs will kickstart BuzzFeed’s examination of “the evolving economics of digital platforms.”
Back in April, Netflix had secured a documentary series revolving around Buzzfeed reporters, titled “Follow This.” The series had 20 episodes and looked into the story development of Buzzfeed articles from within the company.
In case you missed it, Instagram denied purposely limiting the reach of posts.
