The Wall Street Journal has the story:
BuzzFeed is planning to lay off about 15% of its workforce, according to people familiar with the situation, as the company seeks to reorient itself in a shifting digital-media landscape.
The cuts could affect around 250 jobs, the people said. The firm, among the most high-profile digital-native publishers, also is looking to realign its resources to invest more in promising areas of the business like content licensing and e-commerce, one of the people said.
One impetus for the changes is to get BuzzFeed on the path to profitability and in proper shape as it scouts out potential merger combinations with other digital media players, the people said.
Another driver of the cuts is to help the company avoid raising money again, one of the people said.
Though best known for personality quizzes and attempts to catch viral waves, BuzzFeed has poured money into digital cooking videos, news operations, etc. It is a rather schizophrenic site trying to capture the shortened attention span of millennials. It isn’t really working financially.
There have been operations layoffs in the past, but this is the first time it has come to the cat meme division and the content creators. It makes you wonder if the editors who doubled down in defense of the Michael Cohen story they botched felt they had to double down to protect their jobs.