BuzzFeed cuts 15% of staff in latest redundancy round

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"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".

"These changes will allow us to be the clear victor in the market as the economics of digital media continue to improve", said Peretti, announcing the 15% reduction in staff levels.

BuzzFeed says it employs about 1,450 people and has offices in 18 cities around the world.

This is the second time that BuzzFeed has laid off a significant number of staff in the past 14 months.

Peretti wrote in his email that the company's business has grown by "double digits" over the past year, but said "unfortunately, revenue growth by itself isn't enough to be successful in the long run". BuzzFeed cut 250 staff just earlier this week.

Buzzfeed, the pioneer of the listicle, and Verizon Media, owner of Huffpost, this week warned that deep cuts to their workforces were coming, raising questions over the durability of "free" news websites that fund themselves through digital advertising.

A Verizon Media spokesperson echoed that sentiment, saying in a statement that the layoffs were part of a "strategic step toward better execution of our plans for growth and innovation into the future".

The layoff announcements have not been confined to the digital landscape. Other media organizations that laid off workers last week included Gannett - the nation's largest newspaper chain, which owns USA Today.

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"I'm in shock", he said Wednesday. Over the years, its journalists have produced award-winning reporting, and some have been finalists for the Pulitzer Prize.

As for BuzzFeed, the layoffs come at a time already filled with tumult.

According to The Wall Street Journal, the New York-based company has raised about $500 million and was valued close to $1.7 billion following its last funding round in 2016.

Buzzfeed was criticized by the president last week as well after the office of Special Counsel Robert Mueller said a story on Trump's former lawyer Michael Cohen and the Russian Federation investigation was not accurate.

In the firestorm that followed, the company has stood by its story.

"I realize that you will have a lot of questions about specifics".

"Revenue growth by itself isn't enough to be successful in the long run", said co-founder and chief executive Jonah Peretti in a memo to the staff. Peretti said the business grew by double digits.

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