BuzzFeed to Cut 5% of Workforce, Streamlining HuffPost Operations

BuzzFeed is cutting about 5% of its workforce as part of a restructuring effort to streamline its HuffPost news operations, the company announced on Wednesday.

The company said the move will result in pretax savings of approximately $4 million annually. The restructuring is expected to incur charges of between $1.8 million and $2 million.

The job cuts come just months after BuzzFeed announced a 16% reduction in its workforce back in February. The company also recently divested its First We Feast subsidiary for $82.5 million in December.

The latest round of job cuts follows the resignation of HuffPost's editor-in-chief, Danielle Belton, in January and the subsequent elimination of around 30 positions within the HuffPost division, according to media reports.

Despite the cost-cutting measures, BuzzFeed remains focused on its broader strategic objectives. On Tuesday, the company unveiled a new AI-driven social platform, positioning it as an alternative to what it described as "SNARF" content – content that thrives on negativity, fear, and attention-grabbing tactics.

"It’s time to bring back the internet we love," said Chief Executive Jonah Peretti. "The future of social media should be designed for creativity and connection, not addiction."

BuzzFeed's acquisition of HuffPost in 2020 marked a significant expansion of its reach and influence within the online media landscape. However, the company has been navigating financial challenges, leading to these recent cost-cutting measures as it focuses on its AI-powered social platform and core growth initiatives.