12 reasons BuzzFeed is laying off 8% of United States employees

12 reasons BuzzFeed is laying off 8% of United States employees

In a memo to employees, BuzzFeed CEO Jonah Peretti said the jobs being cut in the USA were only on the business side.

BuzzFeed is restructuring its advertising sales and business operations to pull away from an over-reliance on native advertising, a move that will see it cut 8% of its workforce.

Peretti explained that the business team "was built to support direct sold advertising but will need to bring in different, more diverse expertise to support these new lines of business".

The digital media publisher employs about 1,700 people globally.

Other departments affected by the cuts include sales, creative, client services, ad solutions and marketing.

BuzzFeed will miss its revenue target of about $350 million this year by as much as 20 percent, according to the Wall Street Journal, which reported the layoffs earlier Wednesday.

More news: Police Arrest Tampa Serial Killer Suspect, A 2017 St. John's Graduate
More news: Emotional senators pass same-sex marriage
More news: Uber says 2.7m Brits hit by breach that was covered up

Greg Coleman, who has been president of BuzzFeed for the last three and a half years, will become a senior adviser, and BuzzFeed will begin a search for a new COO, Peretti said.

"In the United Kingdom we are realigning the organisation to focus on content for global audiences and our core United Kingdom news beats - investigations, politics, media and social justice - and intend to make reductions across buzz, commercial, news and admin as a result".

Buzzfeed UK reported a pre-tax loss of £3.3m last year despite more than doubling its turnover to £20.5m on the previous year, full financial figures published for the first time by the company last month revealed.

Even a 20 percent shortfall from a $350 million goal means BuzzFeed has been able to sell around $275 million in revenue.

While the wave of layoffs - reportedly affecting 100 employees - may not be as large as some that have hit the media industry, BuzzFeed was widely considered a digital media darling that was growing rapidly.