Digital media company BuzzFeed has announced plans to cut its workforce by approximately 12%, or 180 employees, citing challenging economic conditions and an audience shift to short-form, vertical video.
The layoffs will affect the sales, production, tech, and content divisions for Complex and BuzzFeed, but not BuzzFeed News or HuffPost.
The company expects to cut most of the jobs by the end of the first quarter of next year. In a memo to employees, CEO Jonah Peretti stated that in order to weather the economic downturn, the company must adapt, invest in its strategy, and readjust its cost structure.
Moving forward, Peretti said that he wants to invest “in areas that will drive growth” and build “a more robust creator business.”