that revenue was down double digits year over year and that it might face 2020 losses of up to $20 million. The company has taken steps to avoid layoffs by cutting staffers' pay and saying it would furlough some staffers.
In the May 13 meeting, Schoofs also told staff that he was open to considering work sharing as the newsroom seeks to meet savings goals. BuzzFeed has applied for a New York State workshare program that would involve people working fewer hours for a corresponding decrease in pay. Still, newsroom layoffs haven't been ruled out. Schoofs plans to announce a newsroom restructuring on Friday, which could involve layoffs; negotiations are underway this week with the newsroom's union on potential layoffs, said a source with direct knowledge.
The cuts are the latest blow to the newsroom, which just said goodbye to Virginia Hughes, BuzzFeed News' well-liked deputy editor in chief and former science editor who left last week for The New York Times. How deep and where the cuts are made will be watched closely as BuzzFeed News is an award-winning but costly and money-losing enterprise. The parent company has been trying to get the newsroom to break even as it's been cutting its losses; it expects to narrow its losses to $6 million in 2021, down from $10 million this year and $18 million in 2019, according to the source.
It was nice knowing you BuzzFeed
Deserving of closure
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