BuzzFeed said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate.
In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on “a combination of worsening macroeconomic conditions” and changes in how people consume media. The move to cut operating costs also comes as the company’s stock hovers at an all-time low of about $1.10 per share, down nearly 90% over the past year.
In the last few weeks alone, CNN laid off hundreds of employees; newspaper chain Gannett laid off about 200 staffers; AMC Networks cut 20% of its staff; NPR said it needs to cut $10 million in costs; Disney said it will restructure its business; Paramount Global laid off some staffers; the digital news upstart The Recount reportedly made plans to shutter; and The Washington Post ended the print edition of its Sunday magazine, resulting in the layoff of 10 staffers.
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