Posted 2/21/2024, 9:27:26 PM
BuzzFeed Announces More Layoffs and Cost Cuts Amid Revenue Shortfalls
- BuzzFeed announcing layoffs of 16% of its workforce (nearly 160 people) amid challenging environment for media companies
- Selling Complex media property to NTWRK for $108.6 million, but keeping First We Feast
- These cuts come almost a year after previous 15% staff reductions at BuzzFeed
- Company expects $23 million in annualized cost savings from restructuring
- BuzzFeed warning of lower-than-expected Q4 revenues of $73-$78 million compared to prior outlook of $99-$110 million