Digital media company BuzzFeed (BZFD) is shutting down its news operations and laying off 180 staff as a result.
The company said it is also cutting 10% of the workforce at Insider, its business news publication. Several senior executives at Buzzfeed are also leaving the company as part of the restructuring, including the chief operating officer and chief revenue officer.
In a written statement, Buzzfeed said: “We are moving forward only with parts of the business that have demonstrated their ability to add to the bottom line.”
A popular source of online news during the pandemic, BuzzFeed has stalled in recent years as advertisers’ cutback their spending.
BuzzFeed said it now plans to focus its news operations on HuffPost, which the company acquired in 2020 and is profitable.
Additionally, BuzzFeed said it plans to continue running youth-oriented online media sites such as Complex, Tasty and First We Feast.
BuzzFeed’s stock has declined 85% in the past year and currently trades at $0.75 U.S. per share. The company went public at $10 U.S. a share in January 2021.
