Peretti's decision comes as BuzzFeed's revenue plunged 27% in the fourth quarter, prompting the business to tumble into the red. He underlined the challenges the company is facing in the memo, sent Thursday morning to his employees, adding that BuzzFeed must cut jobs and reduce spending as a result.
It added that BuzzFeed and subsidiary HuffPost will offer roles to some BuzzFeed News journalists, while the company is also starting discussions with the News Guild union about the layoffs.I am writing to announce some difficult news. We are reducing our workforce by approximately 15% today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News. Additionally, we are proposing headcount reductions in some international markets.
I have great confidence in this revenue leadership team, and the early plans I've seen from them to accelerate performance from our Business Org. We will share more on their plans in the Business All Hands next week . I want to explain a little more about why we've come to these deeply painful decisions. We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts.
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