BuzzFeed Scaling Back In News As Several Editors Depart, Some Layoffs Planned

deadline.com:

Jonah Peretti, founder and CEO of digital publisher BuzzFeed announced plans to downsize its news business amid the departure of several editors.Companywide workforce reductions at the digital publisher, which went public last year via a SPAC deal, will impact about 1.7% of its total workforce including small cuts at both BuzzFeed Video and Complex Editorial.BuzzFeed this morning reported fourth-quarter revenue and net income gains but also said it anticipates sales and profit for the current March quarter will fall year-on-year.Peretti, in a note to BuzzFeed staff Tuesday, said BuzzFeed News editor in chief Mark Schoofs had decided to leave the company and Samantha Kenig would serve as interim EIC. “She and I will talk to BuzzFeed News later today about our plans to position BuzzFeed News to thrive in the current media ecosystem, accelerate its path to profitability, and become a stronger financial contributor to the overall BuzzFeed, Inc.

business,” Peretti wrote.“This means that BuzzFeed News will need to get smaller, which we have reached out to discuss with the union–and to prioritize the areas of coverage our audience connects with most.”Another top editor, Tom Namako, who had been deputy editor in chief, is joining NBC News as the new executive editor of NBC News Digital, starting on April 25.

He succeeds David Firestone, who is retiringBuzzFeed reported a revenue boost of 18% for the fourth quarter year-over-year to $145 million.

Advertising revenue grew by 24% to $69 million; content revenue by 33% to about $60 million; commerce revenue declined 26% to $16 million.Net profit was up 29% at $41.6 millionThe company went public on the Nasdaq last year through a SPAC deal with 890 Fifth Avenue Partners, becoming one