BuzzFeed is cutting roughly 35% of its workforce in its first major restructuring since media mogul Byron Allen bought a majority stake in the firm two months ago.
The layoffs, outlined in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.
“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible,” BuzzFeed’s leadership team said in the memo. “Unfortunately, the elimination of certain roles is still required.”
The company, which maintains a Hollywood office, said the changes are necessary to “put our business on a path to profitable and sustainable growth.”
This restructuring comes after the millennial-focused media company, best known for quirky video content and online quizzes, sold a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also became chairman and chief executive of the company.
Through the restructuring, BuzzFeed’s leaders said, the company will aim to grow its audience and bolster its positon in free streaming content.
The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. The former stand-up comedian recently purchased a portion of CBS’s late-night block earlier this year, taking over the time slot for the 2026-2027 season. The slot once belonged to “The Late Show with Stephen Colbert,” which was canceled last year and aired its final episode in May.
Allen’s company holds a slate of network-affiliate stations and owns the Weather Channel network. The company bought a 10.7% stake in cable channel Starz for $25 million in March.
Allen could not be reached for a comment on the new layoffs at BuzzFeed.
In its own statement, BuzzFeed said “We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value.”
BuzzFeed was founded in 2006. The website became known as a pop culture hub, where readers could indulge in the latest celebrity gossip or discover a unique cooking recipe. But over the years, the company has declined and faced mounting financial struggles. BuzzFeed reported a $15-million net loss in the first quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew roughly 69% to $7.5 million. The company is expected to release its second-quarter results Aug. 4.
Times Staff Writers Meg James and Stacy Perman contributed to this report.
BuzzFeed is cutting roughly 35% of its workforce in its first major restructuring since media mogul Byron Allen bought a majority stake in the firm two months ago.
The layoffs, outlined in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.
“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible,” BuzzFeed’s leadership team said in the memo. “Unfortunately, the elimination of certain roles is still required.”
The company, which maintains a Hollywood office, said the changes are necessary to “put our business on a path to profitable and sustainable growth.”
This restructuring comes after the millennial-focused media company, best known for quirky video content and online quizzes, sold a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also became chairman and chief executive of the company.
Through the restructuring, BuzzFeed’s leaders said, the company will aim to grow its audience and bolster its positon in free streaming content.
The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. The former stand-up comedian recently purchased a portion of CBS’s late-night block earlier this year, taking over the time slot for the 2026-2027 season. The slot once belonged to “The Late Show with Stephen Colbert,” which was canceled last year and aired its final episode in May.
Allen’s company holds a slate of network-affiliate stations and owns the Weather Channel network. The company bought a 10.7% stake in cable channel Starz for $25 million in March.
Allen could not be reached for a comment on the new layoffs at BuzzFeed.
In its own statement, BuzzFeed said “We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value.”
BuzzFeed was founded in 2006. The website became known as a pop culture hub, where readers could indulge in the latest celebrity gossip or discover a unique cooking recipe. But over the years, the company has declined and faced mounting financial struggles. BuzzFeed reported a $15-million net loss in the first quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew roughly 69% to $7.5 million. The company is expected to release its second-quarter results Aug. 4.
Times Staff Writers Meg James and Stacy Perman contributed to this report.
BuzzFeed is cutting roughly 35% of its workforce in its first major restructuring since media mogul Byron Allen bought a majority stake in the firm two months ago.
The layoffs, outlined in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.
“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible,” BuzzFeed’s leadership team said in the memo. “Unfortunately, the elimination of certain roles is still required.”
The company, which maintains a Hollywood office, said the changes are necessary to “put our business on a path to profitable and sustainable growth.”
This restructuring comes after the millennial-focused media company, best known for quirky video content and online quizzes, sold a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also became chairman and chief executive of the company.
Through the restructuring, BuzzFeed’s leaders said, the company will aim to grow its audience and bolster its positon in free streaming content.
The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. The former stand-up comedian recently purchased a portion of CBS’s late-night block earlier this year, taking over the time slot for the 2026-2027 season. The slot once belonged to “The Late Show with Stephen Colbert,” which was canceled last year and aired its final episode in May.
Allen’s company holds a slate of network-affiliate stations and owns the Weather Channel network. The company bought a 10.7% stake in cable channel Starz for $25 million in March.
Allen could not be reached for a comment on the new layoffs at BuzzFeed.
In its own statement, BuzzFeed said “We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value.”
BuzzFeed was founded in 2006. The website became known as a pop culture hub, where readers could indulge in the latest celebrity gossip or discover a unique cooking recipe. But over the years, the company has declined and faced mounting financial struggles. BuzzFeed reported a $15-million net loss in the first quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew roughly 69% to $7.5 million. The company is expected to release its second-quarter results Aug. 4.
Times Staff Writers Meg James and Stacy Perman contributed to this report.
BuzzFeed is cutting roughly 35% of its workforce in its first major restructuring since media mogul Byron Allen bought a majority stake in the firm two months ago.
The layoffs, outlined in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.
“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible,” BuzzFeed’s leadership team said in the memo. “Unfortunately, the elimination of certain roles is still required.”
The company, which maintains a Hollywood office, said the changes are necessary to “put our business on a path to profitable and sustainable growth.”
This restructuring comes after the millennial-focused media company, best known for quirky video content and online quizzes, sold a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also became chairman and chief executive of the company.
Through the restructuring, BuzzFeed’s leaders said, the company will aim to grow its audience and bolster its positon in free streaming content.
The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. The former stand-up comedian recently purchased a portion of CBS’s late-night block earlier this year, taking over the time slot for the 2026-2027 season. The slot once belonged to “The Late Show with Stephen Colbert,” which was canceled last year and aired its final episode in May.
Allen’s company holds a slate of network-affiliate stations and owns the Weather Channel network. The company bought a 10.7% stake in cable channel Starz for $25 million in March.
Allen could not be reached for a comment on the new layoffs at BuzzFeed.
In its own statement, BuzzFeed said “We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value.”
BuzzFeed was founded in 2006. The website became known as a pop culture hub, where readers could indulge in the latest celebrity gossip or discover a unique cooking recipe. But over the years, the company has declined and faced mounting financial struggles. BuzzFeed reported a $15-million net loss in the first quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew roughly 69% to $7.5 million. The company is expected to release its second-quarter results Aug. 4.
Times Staff Writers Meg James and Stacy Perman contributed to this report.
