BuzzFeed slashes workforce by 35% under new owner Byron Allen
BuzzFeed is cutting approximately 35% of its workforce, affecting about 180 staff and contract positions across BuzzFeed, HuffPost, and Tasty, in its first major restructuring since media mogul Byron Allen acquired a majority stake two months ago. The layoffs were outlined in an SEC filing on Monday. The company stated the changes are necessary to achieve profitable and sustainable growth, aiming to bolster its position in free streaming content. BuzzFeed reported a $15 million net loss in Q1 2026, with ad revenue falling nearly 20% year-over-year to $17.1 million, though content revenue grew 69% to $7.5 million. Allen, who became chairman and CEO, purchased the majority stake in May for $20 million in cash and a $100 million promissory note. The restructuring follows a series of Allen's media acquisitions, including a portion of CBS's late-night block and a stake in Starz.
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