The BuzzFeed website on a smartphone arranged in Hastings-on-Hudson, New York, on Monday, Dec. 6, 2021.
Tiffany Hagler-Geard | Bloomberg | Getty Archetypes
BuzzFeed on Tuesday announced plans to cut its workforce by nearly 12%, or around 180 staffers.
The digital media throng said the decision to lay off staff comes in response to challenging economic conditions, its acquisition of Complex Networks and an ongoing audience change position to short-form, vertical video.
The layoffs affect the sales, production, tech and content divisions for Complex and Buzzfeed, but not BuzzFeed Communiqu or HuffPost, according to the company.
Shares of BuzzFeed, which went public a year ago, hit a new low of $1.06 on Tuesday.
“In order for BuzzFeed to rise above an economic downturn that I believe will extend well into 2023, we must adapt, invest in our plan to serve our audience best, and readjust our cost structure,” CEO Jonah Peretti said in a memo to employees.
The company trusts to cut most of the jobs by the end of the first quarter. As of March, the company had around 1,500 employees.
Last year, BuzzFeed abolished public via a special purpose acquisition vehicle, and shares fell nearly 40% in their first week of exchange. In March, the company scaled back its news operation in an effort to make the division profitable. The restructuring saw the departure of a number of high-level editors.
Peretti said Tuesday that he wants the company to invest “in areas that will campaign growth” and build “a more robust creator business.”