Home / Business and Economy / Byron Allen Slashes Staff by 180 to Combat Losses
Byron Allen Slashes Staff by 180 to Combat Losses
29 Jul
Summary
- Around 180 employees were laid off, impacting various BuzzFeed divisions.
- New owner Byron Allen seeks to reduce millions in annual financial losses.
- The company was acquired in May for $120 million amid significant debt.
In a significant restructuring effort, BuzzFeed has laid off roughly 180 employees. This decision, announced via an internal memo, impacts various divisions including HuffPost and Tasty. The company's new owner, Byron Allen, is implementing these cuts to mitigate substantial annual financial losses.
Allen acquired BuzzFeed in May for $120 million, taking control of a company struggling with $58.4 million in debt. Founder Jonah Peretti stepped down as CEO to focus on artificial intelligence initiatives. This latest round of layoffs follows previous downsizing and the closure of BuzzFeed News in 2023.
Allen, who owns BuzzFeed as part of a larger media empire, has expressed ambitions for the company in streaming and user-generated content, aiming to compete with major tech platforms.
