BuzzFeed will cut nearly 12 percent of its workforce amid worsening economic conditions.<\/p>\n\n\n\n
The media giant is the latest<\/a><\/strong> in the sector to announce jobs cuts as huge companies continue to shed staff. <\/p>\n\n\n\n The company\u2019s founder and CEO Jonah Peretti told staff of more cuts at the business in a message this week. <\/p>\n\n\n\n READ MORE: INTEL TO CUT 111 STAFF IN CALIFORNIA<\/a><\/strong><\/p>\n\n\n\n Mr. Peretti blamed the layoffs on \u201ca combination of worsening macroeconomic conditions\u201d and shifts in how people consume media.<\/p>\n\n\n\n The decision to slash operating costs comes as the company’s stock is nearing an all-time low of around $1.10 per share, down roughly 90 percent in the last year. <\/p>\n\n\n\n A spokesperson said the redundancies will hit almost 180 workers.<\/p>\n\n\n\n The move follows more layoffs carried out in March this year<\/a><\/strong>.<\/a><\/p>\n\n\n\n READ MORE: PEPSICO STARTS TO LAY OFF HUNDREDS OF CORPORATE EMPLOYEES<\/a><\/strong><\/p>\n\n\n\n The cuts are mainly targeted at sales, technology, production, and content teams<\/a><\/strong> for BuzzFeed and Complex, which it took over the previous year.<\/p>\n\n\n\n The spokesperson noted that no layoffs were made to its Tasty food brand, BuzzFeed News, or HuffPost, which BuzzFeed also acquired.<\/p>\n\n\n\n Mr. Peretti told workers that the cuts “do not reflect on the good work the affected employees have done over the years to build our company and our brands.”<\/p>\n\n\n\n READ MORE: AMAZON\u2019S JOB CUTS NOW EXPECTED TO REACH 20,000<\/a><\/strong><\/p>\n\n\n\n He said: \u201cIn order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023.<\/p>\n\n\n\n \u201cWe must adapt, invest in our strategy to serve our audience best, and readjust our cost structure.\u201d<\/p>\n\n\n\n As the advertising business<\/a><\/strong> slowdown and the economic outlook fades, a spate of media companies has cut costs in recent months.<\/p>\n\n\n\n CNN has fired hundreds of staff in the last few weeks alone.<\/p>\n\n\n\n Need Career Advice?<\/strong> Get employment skills advice at all levels of your career<\/strong><\/a><\/p>\n\n\n\n Similarly, Gannett, AMC Networks, and Paramount Global have confirmed staff downsizing.<\/p>\n\n\n\n Mr. Peretti added that in the future, he plans to invest \u201cin areas that will drive growth\u201d and build \u201ca more robust creator business.\u201d<\/p>\n\n\n\n \u201cI know that there\u2019s nothing I can write here to make this easier for anyone losing their job today,\u201d Peretti told affected staffers. <\/p>\n\n\n\n \u201cWhile I believe in the strategy we\u2019re pursuing, and know it\u2019s necessary to navigate the challenging year ahead, that\u2019s no comfort if you are directly affected.\u201d<\/p>\n\n\n\n Source: <\/strong>CNN<\/strong><\/a><\/p>\n\n\n\n Follow us on YouTube<\/strong><\/a>, Twitter<\/strong><\/a>, LinkedIn<\/strong><\/a>, and Facebook<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" BuzzFeed will cut nearly 12 percent of its workforce amid worsening economic conditions.<\/p>\n","protected":false},"author":5,"featured_media":32967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1065,1372],"tags":[1261,2336,977],"class_list":["post-32961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-business-news","category-us-employment-news","tag-buzzfeed","tag-gannett","tag-layoffs"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/32961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/comments?post=32961"}],"version-history":[{"count":0,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/posts\/32961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media\/32967"}],"wp:attachment":[{"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/media?parent=32961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/categories?post=32961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.whatjobs.com\/news\/wp-json\/wp\/v2\/tags?post=32961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}