BuzzFeed Layoffs
December 2022
BuzzFeed announced a layoff affecting 180 employees (12% of its workforce) in December 2022. The company operates in the Media sector.
180
12%
Dec 6, 2022
About
In December 2022, digital media company BuzzFeed laid off approximately 180 employees, representing 12% of its workforce, as part of a significant cost-cutting measure. The layoffs, announced on December 6, were driven by challenging macroeconomic conditions, including a pullback in advertising spending, the completion of its integration of Complex Media, and a strategic shift toward monetizing short-form vertical video. CEO Jonah Peretti stated the move was necessary to adapt to an economic downturn expected to extend into 2023. With around 1,522 employees at the end of 2021, the publicly traded company, which went public in late 2021, faced a widened net loss in Q3 2022 despite revenue growth, prompting a focus on optimizing its cost structure.
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