BuzzFeed Selling Off Complex, Laying Off Workers

Remaining workforce will be reduced by 16%, company announces
By Evann Gastaldo,  Newser Staff
Posted Feb 22, 2024 12:30 AM CST
BuzzFeed Selling Off Complex, Laying Off Workers
The entrance to BuzzFeed in New York is seen on Nov. 19, 2020.   (AP Photo/Ted Shaffrey, File)

The latest layoff news comes from BuzzFeed, which is planning to reduce its workforce by 16%, which amounts to dozens of employees being let go, per the Guardian. The reduction will apply to the media group's remaining workers, as the company also just sold off Complex, a publisher it bought just over two years ago, on Wednesday, CNN reports. "The sale of Complex represents an important strategic step for BuzzFeed, Inc as we adapt our business to be more profitable, more nimble, and more innovative," BuzzFeed CEO Jonah Peretti says in a statement. "The changes we announced today will enable an exciting next stage for our company, with increased focus on our iconic brands."

The company, which also owns the HuffPost, Tasty, and First We Feast brands, has been struggling—shares have dropped 98% since it went public in 2021, and the layoffs are part of a "strategic restructuring" aimed at increasing profits and cutting costs, the media group says. Employees who are losing their jobs will be notified next Wednesday. Complex, meanwhile, is being sold to NTWRK, an e-commerce group. As CNN explains, "NTWRK serves as a marketplace for many of the items that Complex covers, such as sneakers" and streetwear. (More BuzzFeed stories.)

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