Buzzfeed Inc is in focus on Thursday after CEO Jonah Peretti revealed that the company is closing its news unit.
Peretti also disclosed that the Nasdaq-listed firm has decided to lay off about 15% of its employees. The job cut will affect roughly 180 people in total.
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Buzzfeed employed about 1,200 workers in total as per its latest securities filing. In his email to staff, CEO Peretti wrote:
“Changes are focused on reducing layers, increasing speed, effectiveness of pitches, streamlining product mix, doubling down on creators, and bringing AI enhancements to sales process.”
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