BuzzFeed Inc mentioned it can shut down its information division with an purpose to consolidate its information content material in HuffPost and minimize its workforce by 15%, sending the shares of the digital media firm down 10% on Thursday.
The second spherical of job cuts will have an effect on 180 workers in groups together with enterprise, content material, tech and admin, CEO Jonah Peretti mentioned in an electronic mail to workers. It had beforehand minimize 12% of its workers in December.
“We have confronted extra challenges than I can rely prior to now few years,” mentioned Peretti, blaming the pandemic and the following financial downturn for the decline in digital promoting and BuzzFeed’s enterprise.
The corporate mentioned the affected Information workers can be thought of for open roles on the fundamental website BuzzFeed.com and HuffPost, which it had acquired in 2020.
“Shifting ahead, we can have a single information model in HuffPost, which is worthwhile, with a loyal direct entrance web page viewers,” Peretti mentioned within the be aware to workers.
As a part of the restructuring, the corporate mentioned Chief Income Officer Edgar Hernandez and Chief Working Officer Christian Baesler have determined to go away. President Marcela Martin will instantly take over all income capabilities.
BuzzFeed, which produces information, movies and on-line quizzes, was based in 2006 by Peretti and John Johnson, and went public in 2021 by means of a blank-check merger. Its shares have misplaced 93% of their worth for the reason that debut.