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BuzzFeed to Furlough Dozens of Employees for Three Months, Extend Pay Cuts Through End of 2020

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variety.com

By Todd Spangler NY Digital Editor BuzzFeed, still hoping to avoid layoffs during the economic downturn caused by COVID-19, will furlough 68 staffers without pay starting next week through mid-August.

Among other cost-cutting steps, the digital-media firm also will extend previously enacted scaled salary reductions through the end of the year.

CEO Jonah Peretti announced the furloughs in a memo Wednesday to BuzzFeed employees, a copy of which was obtained by Variety.

He said the company is hoping to hold losses to under $20 million for the year, after the drop-off in revenue in recent weeks has been even bigger than anticipated. “I’ve made the very difficult decision to furlough 68 employees beginning May 16th.

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