BuzzFeed plans to lay off about 15 percent of its workforce, which translates into cutting about 250 jobs, The Wall Street Journal reported Wednesday evening.
BuzzFeed CEO Jonah Peretti confirmed the news in a memo to staff on Wednesday afternoon and said the layoffs were part of an effort to examine “trends in our business and the evolving economics of the digital platforms,” according to a memo obtained by media journalist Peter Kafka.
According to people familiar with the situation who spoke to WSJ, the company is looking for “potential merger combinations with other digital media players,” in WSJ’s words.
“We’ve developed a good understanding of where we can consolidate our teams, focus in on the content that is working and achieve the right cost structure to support our multi-revenue model,” he said. “We are confident the changes we are making will put us on a firm foundation and allow us to invest and grow sustainably for years to come.”
— Peter Kafka (@pkafka) January 23, 2019