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.
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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