BuzzFeed to lay off 15 percent of its workforce

BuzzFeed to lay off 15 percent of its workforce
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BuzzFeed is preparing lay off 15 percent of its workforce, according to an internal email obtained by The Hill.

In an email sent to  BuzzFeed staff on Wednesday, CEO Jonah Peretti said the media company would be doing layoffs "next week" across the company.

"I’m writing with sad news: we are doing layoffs at BuzzFeed next week. We will be making a 15% overall reduction in headcount across the company," Peretti wrote. "I’m sending this tonight because I wanted you to hear it from me directly instead of from the press."

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Peretti wrote in the internal memo that BuzzFeed needs to make changes to "grow sustainably for years to come."

"We've developed a good understanding of where we can consolidate our teams, focus in on the content that is working, and achieve the right cost structure to support our multi-revenue model," he wrote. "We are confident the changes we are making will put us on a firm foundation and allow us to invest and grow sustainably for years to come."

Peretti wrote that the layoffs were intended to cut costs and "improve our operating model so we can thrive and control our own destiny, without ever needing to raise funds again."

The CEO added that the specifics of the changes will be made clearer on Monday.

BuzzFeed currently employs just under 1,500 employees, meaning a little more than 200 employees will be leaving.

Peretti wrote in his email that the company's business has grown by "double digits" over the last year, but said "unfortunately, revenue growth by itself isn't enough to be successful in the long run."