2023-04-20 11:32:38 ET
- BuzzFeed ( NASDAQ: BZFD ) is reportedly shutting down its news operation as part of heavy layoffs across the company.
- The company is cutting staff by about 15%, with cuts coming across Business, Content, Tech and Administration teams, CNN's Oliver Darcy said citing a memo from CEO Jonah Peretti.
- That will include "beginning the process of closing BuzzFeed News."
- Stock in BuzzFeed ( BZFD ) has slid 18% Thursday.
- BuzzFeed has begun discussions with the News Guild about the closure, and it will concentrate news efforts in the HuffPost brand, according to the Peretti memo: "HuffPost and BuzzFeed dot come have signaled that they will open a number of select roles for members of BuzzFeed News ... Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience."
- BuzzFeed Chief Revenue Officer Edgar Hernandez and Chief Operating Officer Christian Baesler are exiting the company, according to the Peretti memo.
- The company will also reduce real estate in Los Angeles, from four buildings down to one.
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BuzzFeed reported to shutter influential news unit amid layoffs; stock slides