To cut expenses, media giant BuzzFeed is going through another round of layoffs, cutting nearly 20% of its staff, many of whom have already begun receiving the bad news.
Last year, BuzzFeed Inc. acquired Complex Networks, another media company that has been rated one of the most valuable startups in New York by Business Insider. Now, many staffers who came from the firm are on the chopping block.
A media reporter for Axios, Sarah Fisher, shared a regulatory filing where BuzzFeed notes the reasons for the layoffs, citing “challenging macroeconomic conditions, integration of Complex Media staff, eliminating redundancies, and a wide shift to short-form vertical videos as a monetized source.”
NEW: @BuzzFeed cutting roughly 12% its workforce (~180 employees), it said in a regulatory filing today.
– It last announced cuts to its news division in March
-Share price $BZFD today is $1.10, all-time lowhttps://t.co/c2ze3VdEXF— Sara Fischer (@sarafischer) December 6, 2022
“The Company expects to substantially complete the workforce reduction plan by the end of the first quarter of 2023,” the court document filed on Tuesday states.
Tweets about being laid off from BuzzFeed have begun flowing in from several now-former BuzzFeed staffers.
“To get this news right before Christmas is truly devastating,” wrote Stephanie Hope, a staff writer for BuzzFeed’s Shopping vertical. Hope joined the company in June of last year.
Just got laid off from BuzzFeed and I’m truly heartbroken. I have so much passion for writing and to get this news right before Christmas is truly devastating. If anyone is looking for a writer—I’m available for hire. 🙁
— Stephanie Hope (@imstephaniehope) December 6, 2022
Another staffer, Justine Teu, who has worked with BuzzFeed for seven years, also broke the news of being laid off to her Twitter followers.
just got laid off after 7 years at @BuzzFeed 😳 so um hit me up im free
— justine (@justinecteu) December 6, 2022
JerLisa Nicole shared that her entire team was laid off, including her managers. Nicole had moved from Complex to BuzzFeed during the acquisition.
This feels so fucked up. I just realize I still have access to all of my work things. But my bosses are all laid off. What the fuck am I supposed to do???
This is CRAZY omg
— Thee Blueprint 🫐 (@JerLisa_Nicole) December 6, 2022
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Several employees are throwing out feelers for other job openings.
Found out I got laid off from BuzzFeed today. If anyone knows of any job openings, hmu!
— Tessa Fahey (@Tessa_Fahey) December 6, 2022
It’s me. Hi. I’m the laid-off one; it’s me. So, BuzzFeed has laid off many people, including me, which is great news for any of YOU who want a fantastic writer, interviewer, and avid SIMS player to work with you! No more non-competes, baby. pic.twitter.com/5fQhamZ67C
— Kit Stone (@bykitstone) December 6, 2022
This is the third major round of layoffs at BuzzFeed in recent years.
In January 2019, hot off the holidays, BuzzFeed laid off 15% of its workforce, which amounted to around 200 employees at the time, across divisions.
After BuzzFeed acquired The Huffington Post in 2020, another round of staff cuts followed in March 2021. Most of the employees slashed were HuffPost imports.
Last year, senior BuzzFeed editors Tom Namako and Ariel Kaminer and Editor-in-Chief Mark Schoofs resigned after finding out that further staff cuts were in order for 2023.
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