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Home » BuzzFeed to cut about 12 percent of its workforce to reduce costs

Capitol Communicator reports that BuzzFeed Inc will cut about 12% of its workforce to rein in costs.

BuzzFeed to cut about 12 percent of its workforce to reduce costs

by | Dec 7, 2022

BuzzFeed Inc will cut about 12% of its workforce to reduce costs, the online media company said, as it joins a growing number of U.S. firms that have taken similar measures in anticipation of a potential economic downturn, reports Reuters.

As of Dec. 31, BuzzFeed had 1,522 employees across six countries – and a D.C. office – according to a regulatory filing.

“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,” Chief Executive Officer Jonah Peretti said in a letter to affected employees.

“That requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company.”

More here.

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Capitol Communicator is a unique online and offline resource for Mid-Atlantic advertising, marketing, public relations, digital and media communications professionals. The e-magazine, e-newsletters and events bring together communications professionals, fostering community and providing important information; news; trends; education; and opportunities for networking, career enhancement, business exchange and showcasing great work. Visit www.capitolcommunicator.com to learn more.

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