In a memo sent to staff,co-founder and CEO Jonah Peretti said that in addition to the news division,layoffs would take place in its business,content,tech and administrative teams. BuzzFeed is also considering making job cuts in international markets.
Peretti said in a memo to staff that he “made the decision to overinvest” in the news division,but failed to recognise early enough that the financial support needed to sustain operations was not there.
“I’ve learned from these mistakes,and the team moving forward has learned from them as well,” Peretti wrote in the memo. “We know that the changes and improvements we are making today are necessary steps to building a better future.”
Business-news publisher Insider is also cutting about 10 per cent of its staff.
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Insider,co-founded by former Wall Street analyst Henry Blodget,began letting staffers know they are losing their jobs on Thursday and planned an all-hands meeting shortly thereafter. Workers getting let go will receive at least 13 weeks of base pay,according to a staff memo.
Digital advertising has plummeted this year,cutting into the profitability of major tech companies from Google to Facebook. Waves of layoffshave rolled through the tech industry and more are expected.