The entrance to BuzzFeed in New York which is cutting about 15 per cent of its staff, according to multiple media reports. Photo / Ted Shaffrey, AP, File
Pulitzer Prize winning digital media company BuzzFeed will shut down its news division and cut another 15 per cent of its staff across the company, adding to layoffs made earlier this year.
BuzzFeed has approximately 1200 total employees, according to a recent regulatory filing.
In a memo sent to staff, co-founder and CEO Jonah Peretti said that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams. BuzzFeed is also considering making job cuts in international markets.
Peretti said in a memo to staff that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the financial support needed to sustain operations was not there.
