BuzzFeed is slashing its workforce by 35% under new owner Byron Allen

BuzzFeed is cutting astir 35% of its workforce successful its archetypal large restructuring since media mogul Byron Allen bought a bulk involvement successful the steadfast 2 months ago.

The layoffs, outlined successful a Securities and Exchange Commission filing connected Monday, volition impact astir 180 unit and declaration positions crossed BuzzFeed and its sister brands HuffPost and Tasty.

“We’ve been actively managing costs for immoderate time, moving done scenarios to prevention arsenic galore jobs arsenic possible,” BuzzFeed’s enactment squad said successful the memo. “Unfortunately, the elimination of definite roles is inactive required.”

The company, which maintains a Hollywood office, said the changes are indispensable to “put our concern connected a way to profitable and sustainable growth.”

This restructuring comes aft the millennial-focused media company, champion known for quirky video contented and online quizzes, sold a bulk involvement to Allen successful May successful speech for $20 cardinal successful currency and a $100 cardinal promissory note. Allen besides became president and main enforcement of the company.

Through the restructuring, BuzzFeed’s leaders said, the institution volition purpose to turn its assemblage and bolster its positon successful escaped streaming content.

The BuzzFeed acquisition is the latest successful a bid of concern moves Allen has made successful caller years to physique his amusement empire. The erstwhile stand-up comedian precocious purchased a information of CBS’s late-night artifact earlier this year, taking implicit the clip slot for the 2026-2027 season. The slot erstwhile belonged to “The Late Show with Stephen Colbert,” which was canceled past twelvemonth and aired its last occurrence successful May.

Allen’s institution holds a slate of network-affiliate stations and owns the Weather Channel network. The institution bought a 10.7% involvement successful cablegram transmission Starz for $25 cardinal successful March.

Allen could not beryllium reached for a remark connected the caller layoffs astatine BuzzFeed.

In its ain statement, BuzzFeed said “We are highly fortunate that Byron has tremendous assurance successful our absorption squad and moved precise rapidly to reposition this institution and unlock its value.”

BuzzFeed was founded successful 2006. The website became known arsenic a popular civilization hub, wherever readers could indulge successful the latest personage gossip oregon observe a unsocial cooking recipe. But implicit the years, the institution has declined and faced mounting fiscal struggles. BuzzFeed reported a $15-million nett nonaccomplishment successful the archetypal 4th of the year. The institution generated $31.6 cardinal successful revenue, a 12.4% diminution compared to the year-ago period. Ad gross fell astir 20% year-over-year to $17.1 million. However, contented gross grew astir 69% to $7.5 million. The institution is expected to merchandise its second-quarter results Aug. 4.

Times Staff Writers Meg James and Stacy Perman contributed to this report.