Close  

BuzzFeed to layoff 200 staff in latest digital media retrenchment

/ 03:40 PM January 26, 2019

AP Photo

NEW YORK — Digital media company BuzzFeed is cutting 15 percent of its jobs, or about 200 people, to trim expenses and become profitable.

BuzzFeed CEO Jonah Peretti wrote employees Wednesday that the layoffs will help BuzzFeed avoid having to raise money from investors again.

ADVERTISEMENT

The privately held company has not been profitable for several years. It has raised hundreds of millions from such investors as Comcast’s NBCUniversal.

Based in New York, BuzzFeed is best known for its viral posts and quizzes and has a well-regarded news division.

Many digital media companies have cut jobs or sold off in recent years as Facebook and Google gobble up the bulk of digital advertising dollars. Verizon also said Wednesday that it is cutting about 800 jobs in its media division, which includes Yahoo and HuffPost.

Newspaper companies have also suffered deep cutbacks , with staffs nearly cut in half since 2004. Reports started rolling in Wednesday of Gannett, one of the country’s largest newspaper publishers, laying off journalists from USA Today, The Arizona Republic and other newspapers. It’s unclear how many jobs were lost. A representative did not respond to requests for comment.

TOPICS: BuzzFeed, digital media, Layoff, Media, newspaper
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.
sports

Abando, Chabi Yo lift UST over NU in OT

September 15, 2019 04:40 PM

newsinfo

Camarines Sur village chief survives gun attack

September 15, 2019 03:59 PM

newsinfo

Some domestic flights canceled due to bad weather

September 15, 2019 03:28 PM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.