BuzzFeed announced that it was cutting the size of its workforce by 12%, the latest media company to go through layoffs amid worsening economic conditions. In a filing with the SEC, the company cit…
The company said that it expected to incur restructuring charges of $8 million to $12 million per year.
Peretti wrote that they were focusing on eliminating duplicative functions with Complex Networks, which BuzzFeed acquired last year. Peretti wrote, “The path I’m laying out today is the result of a deliberate and collaborative resource allocation review among the leadership team, which prioritizes: Investing in areas that will drive growth, and shifting away from areas with less audience engagement; And, building a more robust creator business, which requires a close conduit between content, business, and tech, and bringing additional skills and tools to the organization.
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