An American Internet media, news and entertainment company, BuzzFeed, has said it would lay off approximately 12% of its staff.
The development will see the digital news and entertainment conglomerate become the latest media company to consider laying off a part of its workforce over deteriorating economic situation.
Jonah Peretti, the company’s founder and chief executive, in a note to affected workers, confirmed the development, citing “a combination of worsening macroeconomic conditions” and changes in how people consume media.
BuzzFeed was founded in 2006 by Jonah Peretti and John S. Johnson III to focus on tracking viral content.
Analysts have noted that the move to cut operating costs comes as the company’s stock hovered at an all-time low of about $1.10 per share, down nearly 90% over the past year.
According to the company, the cut is expected to impact roughly 180 employees, targeted sales, technology, production, and content teams for both BuzzFeed and Complex.
Speaking on the cut, the spokesperson, however, noted that there were no cuts made to its other acquired brands such as Tasty food brand, BuzzFeed News, or HuffPost.
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