Digital media company BuzzFeed to lay off 15% of staff as several large shareholders urge CEO Jonah Peretti to cut costs
Layoffs
April 22, 2023
Digital media company BuzzFeed has announced that it will lay off 15% of its staff, affecting its business, content, administration, and tech teams. In an email to staff on Thursday, BuzzFeed CEO Jonah Peretti said the layoffs would amount to about 180 people. The move comes as several large shareholders had urged Peretti to shut down BuzzFeed's news operations.
BuzzFeed News, which had about 100 employees, was part of the company's content division and stood apart from the main, viral-content-generating BuzzFeed brand with straight news and investigative reporting. BuzzFeed News had lost about $10 million a year, according to two people familiar with the matter cited by CNBC last year. The news unit, however, won a Pulitzer Prize in 2021 for its reporting on China’s mass detention of Muslims.
Shares of the company have fallen about 90% since its IPO in late 2021. The stock fell nearly 20% on Thursday, closing at 75 cents. Several large shareholders had urged Peretti to shut down BuzzFeed's news operations.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions,and let LevelFields help you become a better trader.
Join LevelFields now to be the first to know about events that affect stock prices and uncover unique investment opportunities. Choose from events, view price reactions, and set event alerts with our AI-powered platform. Don't miss out on daily opportunities from 6,300 companies monitored 24/7. Act on facts, not opinions, and let LevelFields help you become a better trader.