BuzzFeed announced that it was cutting the size of its workforce by 12%, the latest media company to go through layoffs amid worsening economic conditions.
In a filing with the SEC, the company cited “challenging macroeconomic conditions,” the completion of its acquisition of Complex Media Inc., and an audience shift to short form, vertical video. The reduction plan is expected to be “substantially completed” by the first quarter of 2023.
Jonah Peretti, CEO of the company, wrote in a memo to impacted staffers that “our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint. This requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting.” A spokesperson for BuzzFeed did not immediately respond to a request for comment.
Earlier this year. BuzzFeed announced that it was scaling back its news coverage, as several editors departed.
The company said that it expected to incur restructuring charges of $8 million to $12 million per year.