BuzzFeed is cutting jobs

BuzzFeed in an attempt to increase its profitability is shrinking, it's shifting the focus of its Pulitzer prize-winning new division. 

The digital media company which is well known for its light-hearted quizzes and listicles has been offering voluntary buy-outs for quite some time now. This has caused many editors to leave its high-profile 100 person newsroom. This includes prominent names such as Mark Schoofs, Tom Namako, and many more who announced their move to other news sites like NBC News Digital. Although the company's news division is not as profitable, it did win a Pulitzer last year, due to this employees are regularly poached by traditional news organizations. Buyouts will be offered to news staffers on the investigations, inequality, political and science teams as BuzzFeed focuses more on breaking news items and lighter content. Beyond the newsroom buyouts, the company said that it will cut 1.7% of its staff. BuzzFeed had previously mentioned that it had 1,524 US and international employees therefore roughly 25 employees are likely to lose their jobs. 

BuzzFeed's shares fell by 40% in December after it went public, but picked up a little soon after. The layoffs may be a way to cope with a fall in profits. Other than the news division, layoffs are expected to happen in the BuzzFeed Video and the editorial side of Complex. A similar situation occurred in 2021 when BuzzFeed acquired HuffPost and laid off several of its staffers shortly. On Tuesday in a memo to the employees CEO Jonah Peretti said that the new division "will need to get smaller" and "prioritize the areas of coverage our audience connects with most". 

Source: The Washington Post