Buzzfeed Cuts Staff and Sells Assets to Strengthen Finances Amid Ad Market Challenges
• Buzzfeed is cutting 16% of its workforce, around 150 jobs, in an effort to reduce costs and become more sustainable and profitable
• It is selling its music and culture site Complex to NTWRK for $108.6 million to pay down debt obligations
• This comes about a year after Buzzfeed shut down Buzzfeed News and cut staff by 15% amid financial struggles
• Buzzfeed is projecting lower than expected Q4 revenues of $73-$78 million compared to previous outlook of $99-$110 million
• The cuts and asset sales are part of Buzzfeed's strategy to reposition itself on stronger financial footing given challenges in the digital advertising market