BuzzFeed announced a new bombshell yesterday…layoffs.
The news comes after Buzzfeed reported that Donald Trump told Attorney Michael Cohen to lie to Congress under oath. A report disputed by both Special Counsel Robert Mueller’s office and Trump’s personal attorney Rudy Giuliani.
According to Deadline, on Wednesday BuzzFeed Co-founder and CEO Jonah Peretti announced the latest round of layoffs in a memo. It’s reported BuzzFeed will lose 15% of its work force, about 200 workers.
Even the $400 million infused by NBCUniversal in a “strategic partnership” with BuzzFeed, couldn’t prevent the digital publisher from making a third round of cuts in a 14 month period.
From Peretti’s memo:
I’m so proud of what our team accomplished over the last year, including diversifying our revenue, and growing our business double digits. Unfortunately, revenue growth by itself isn’t enough to be successful in the long run. The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again.