BuzzFeed, the online publisher known for its viral content and quizzes, is slashing its workforce by about 35% just two months after Byron Allen completed his purchase of the company. The cuts will affect both employees and dedicated contractors across all of BuzzFeed's brands.
The company said the layoffs are part of a plan to streamline its organizational structure and reduce operating expenses, aiming to move toward profitability and positive cash flow. Allen, an entrepreneur and comedian, acquired a controlling stake in BuzzFeed earlier this year.
The reduction is the latest in a series of downsizing moves in the digital media industry, which has faced challenges from changing algorithms and advertising markets. BuzzFeed did not specify the exact number of jobs affected, but the 35% cut represents a significant portion of its workforce.
Employees were notified of the decision internally. The company stated that the restructuring is intended to better position BuzzFeed for long-term success under the new ownership.