Biden Economy Woes: Far-Left Media Buzzfeed to Cut Workforce by 12% Due to “Worsening Macroeconomic Conditions” – Trading Now at $1

 

Source: Buzzfeed

Though the mainstream media won’t tell you this, the Biden economy is bad and getting worse.

Now, the far-left news and entertainment media outlet Buzzfeed, which bought HuffPost, announced Tuesday that it will lay off roughly 12% of its employees in an effort to reduce expenses thanks to the Biden economy.

“I am writing to announce some very difficult changes today across the company. We are reducing our workforce by approximately 12% and letting many talented colleagues go,” said Jonah Peretti, co-founder and CEO of BuzzFeed.

As of December 31, BuzzFeed employed 1,522 employees in six different countries, according to Reuters, citing a regulatory filing. 

“Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint,” Jonah Peretti said in a letter to affected staff.

“That requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company.”

Read the full memo via Variety:

I am writing to announce some very difficult changes today across the company. We are reducing our workforce by approximately 12% and letting many talented colleagues go.

If you are impacted by these changes, you will receive an email from Chandler Bondan in the next 5 minutes, including information and an FAQ that hopefully addresses many of your immediate questions. The notification will be followed by a calendar invite for a meeting in the next 36 hours with a manager and an HRBP.

I want all of you, but especially those that are receiving difficult news today, to know that these changes do not reflect on the good work that these employees have done over the years to build our company and our brands.

In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure.

Our revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint. That requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company.

We are also completing the integration of Complex Networks. We’ve learned a lot through the first 11 months since Complex joined us, and see clear opportunities to consolidate and centralize some areas where we’ve had duplication. This will not affect the editorial independence of Complex or any of our brands.

The path I’m laying out today is the result of a deliberate and collaborative resource allocation review among the leadership team, which prioritizes:

• Investing in areas that will drive growth, and shifting away from areas with less audience engagement
• And, building a more robust creator business, which requires a close conduit between content, business, and tech, and bringing additional skills and tools to the organization

I know that there’s nothing I can write here to make this easier for anyone losing their job today. While I believe in the strategy we’re pursuing, and know it’s necessary to navigate the challenging year ahead, that’s no comfort if you are directly affected. So my focus today, which I know Chandler and the rest of our leadership team shares, is to give employees the respect and support they deserve as they exit the company.

I’m deeply grateful for everything that those impacted have contributed to our community and to BuzzFeed.

Jonah

According to reports, BuzzFeed is now trading at $1, down from $10.99 a year ago.

Buzzfeed is the latest big company that has announced widespread layoffs due to a possible economic collapse, following Meta, Amazon, Netflix, Spotify, and others.