News

BuzzFeed To Cut Down On Workforce

 

BuzzFeed Releases an Announcement That’s a Disappointment to Many

 

This week BuzzFeed made the announcement that it’ll be cutting 15% of its workforce. That’s alarming news for its followers, and devastating news to the employees affected.

 

The Layoff

On Wednesday BuzzFeed CEO Jonah Peretti announced that the company would be laying off 15% of the companies employees. This is due to happen in the following week. One can only hope that the employees got more notice than the general public did.

The layoff is part of a larger restructuring plan. It’s one they’re hoping will reduce costs in the long run. Peretti said that while the revenue has been growing, “unfortunately revenue growth by itself isn’t enough to be successful in the long run.”

 

BuzzFeed’s Workforce

BuzzFeed states that they have about 1,450 people employed, spread throughout 18 different cities around the world. If we assume that their estimate of 15% of the workforce is expected to be laid off, that means that more than 200 people will be losing their jobs next week.

This is following another restructuring attempt last year, which resulted in about 100 people losing their jobs. Here’s hoping they’re done restructuring for the near (and extended) future.

 

Other Companies

BuzzFeed isn’t the only internet based company that has been struggling as of late. They’re also not the only company to be announcing layoffs at this time. Vice Media, Verizon’s media group (AOL, Yahoo, HuffPost), and Gannett have all been facing layoffs in the past month.

Vice Media is also laying off an expected 15% of their employees, while Verizon’s media group is laying off 7%. There’s no estimate for Gannett yet, only that layoffs are currently underway.

 

Reactions

Understandably, the reactions from many have been…less than positive on the matter.

Timing

The news of BuzzFeed’s layoff comes hot on the heels of a controversy the company is currently embroiled in. About a month ago the company threw itself into a hotly debated area of news; Trump. They shared an article declaring that Donald Trump had told Michael Cohen to lie to Congress about tower negotiations. It was an article that almost every major news agency out there picked up. And BuzzFeed is sticking with their story.

 


Social Media logo PatreonFollow Word of the Nerd on

     

Bringing out YOUR inner nerd!

About the author

Cat Wyatt

Cat Wyatt is an avid comic book reader, as well as a reader of novels. Her favorite genres are science fiction and fantasy, though she's usually willing to try other genres as well. Cat collects Funko Pop figures, Harry Potter books (different editions), and has more bookshelves than she's willing to admit.

Check out our YouTube Channel

%d bloggers like this: