BuzzFeed is laying off about 35% of its employees, marking its biggest organizational change since Byron Allen acquired a controlling interest in the company two months ago.
BuzzFeed announced on Monday that it will be reducing its workforce by approximately 180 people. These cuts will impact employees and contractors across BuzzFeed, HuffPost, and Tasty, according to a filing with the Securities and Exchange Commission.
BuzzFeed leaders announced in a recent message that they’ve been trying to cut costs and protect jobs for a while now. However, despite these efforts, some positions will unfortunately be eliminated.
The company, with an office in Hollywood, announced these changes are needed to ensure long-term profitability and growth.
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BuzzFeed, which became hugely popular online with things like lists, articles, and fun quizzes, is now facing significant challenges.
The changes follow a deal made in May where Allen acquired a controlling interest in the media company – famous for its fun videos and online quizzes – paying $20 million upfront and promising an additional $100 million. As part of the agreement, Allen also took on the roles of chairman and CEO.
Okay, so from what I understand, BuzzFeed is really trying to build up its audience and become a bigger player in the free streaming world with this new plan. They’re hoping to grow their reach and really establish themselves as a go-to for free content – that’s the gist of it, anyway.
Buying BuzzFeed is just the newest step in Allen’s plan to create a large entertainment company. The former comedian also recently acquired a late-night TV block from CBS, set to begin in the 2026-2027 season. This time slot previously belonged to “The Late Show with Stephen Colbert,” which ended its run in May after being canceled last year.
Allen Media Group owns several local TV stations and the Weather Channel. They also recently invested in Starz, purchasing a 10.7% share for $25 million this past March.
Allen could not be reached for a comment on the new layoffs at BuzzFeed.
BuzzFeed stated they were pleased with how swiftly Byron Allen acted to restructure the company and increase its worth, highlighting his trust in their leadership.
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Allen is a determined and clever entrepreneur who consistently proves people wrong and finds potential where others don’t. He’s known for making smart deals and spotting hidden opportunities.
BuzzFeed, launched in 2006, initially gained popularity as a go-to source for pop culture news, celebrity updates, and interesting recipes. However, the company has been facing financial difficulties recently. In the first quarter of this year, BuzzFeed reported a net loss of $15 million, with revenue totaling $31.6 million – a 12.4% decrease from the same period last year. While advertising revenue dropped almost 20% to $17.1 million, revenue from content itself increased significantly, rising around 69% to $7.5 million. The company plans to share its second-quarter financial results on August 4th.
2026-07-28 03:01