Published: Sun, January 27, 2019
Finance | By Jaime Brady

Digital media company BuzzFeed to cut 15 pc jobs: media reports

Digital media company BuzzFeed to cut 15 pc jobs: media reports

"Fake News and bad journalism have caused a big downturn", President Trump tweeted.

BuzzFeed announced Friday it was firing about 200 people, 15 per cent of its staff.

As it trims staff, BuzzFeed has been examining the "the evolving economics of digital platforms", chief executive officer Jonah Peretti said in a memo to employees.

Peretti wrote that the layoffs were meant to cut costs and "improve our operating model so we can thrive and control our own destiny, without ever needing to raise funds again". "These changes will allow us to be the clear victor in the market as the economics of digital media continue to improve", Peretti continued. BuzzFeed has raised hundreds of millions from investors over the past decade, with the most recent investment valuing $1.6bn (£1.2bn).

The news division recently came under fire when it ran a story about Trump lawyer Michael Cohen and his testimony to special counsel Robert Mueller.

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Verizon Media Group, which owns outlets such as Yahoo News and HuffPost, confirmed it was laying off up to 800 people, while Gannett, which owns USA Today and a host of local newspapers, also reduced its staff on Wednesday.

Later, it launched a news unit that that, despite being a financial drag on the company, has built a strong reputation and was a finalist for a Pulitzer prize past year.

The wireless company had hoped to create an ad business that could compete with Google and Facebook.

While the two companies are not close to a deal - and could find different partners - they are discussing a merger, according to Recode, which first reported the news. The new CEO of Verizon's media division, Guru Gowrappan, informed employees of the layoffs in an email Wednesday. The cuts are also happening as the company attempts to avoid another round of fund-raising.

The website will cut around 250 jobs while restructuring its business model to focus on more profitable areas such as content licensing and e-commerce.

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