NEW YORK (AP) — Digital media firm Buzz-Feed is slicing 12% of its workforce, citing worsening financial circumstances. The New York firm, which made the announcement in a regulatory submitting on Tuesday, didn’t disclose what number of employees it was letting go. Based on the info agency FactSet, BuzzFeed has 1,522 workers, which might imply roughly 180 of them could be laid off. Advertisers, on which BuzzFeed depends, have broadly pulled again spending to deal with rising prices. Spending on promoting is often among the many most elastic objects in an organization’s finances and is commonly the primary place to see cuts. “To ensure that BuzzFeed to climate an financial downturn that I consider will prolong properly into 2023, we should adapt, spend money on our technique to serve our viewers greatest, and readjust our value construction,” Jonah Peretti, co-founder and CEO, wrote in a letter to workers. Social media and different corporations who depend on digital promoting have additionally just lately introduced layoffs, together with Fb father or mother Meta, Twitter, Snap and Gannett. Along with financial circumstances BuzzFeed on Tuesday cited redundancies in its workforce associated to the combination of Complicated Networks, a youth leisure firm, which it acquired final 12 months from Verizon and Hearst for $300 million.
