BuzzFeed cuts 35% of workforce under new owner Byron Allen

BuzzFeed is cutting approximately 35% of its workforce in its first major restructuring since media mogul Byron Allen acquired a majority stake in the company two months ago.

The layoffs, detailed in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.

"We've been actively managing costs for some time, working through scenarios to save as many jobs as possible," BuzzFeed's leadership team said in a memo. "Unfortunately, the elimination of certain roles is still required."

The company, which maintains a Hollywood office, stated that the changes are necessary to "put our business on a path to profitable and sustainable growth."

Background on the Acquisition

The restructuring follows the millennial-focused media company's sale of a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also assumed the roles of chairman and chief executive.

Through the restructuring, BuzzFeed's leaders said the company will aim to grow its audience and strengthen its position in free streaming content.

Byron Allen's Expanding Media Empire

The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. Key developments include:

• CBS late-night block: The former stand-up comedian recently purchased a portion of CBS's late-night block earlier this year, taking over the time slot for the 2026–27 season. The slot once belonged to "The Late Show With Stephen Colbert," which was canceled last year and aired its final episode in May.
• Network-affiliate stations: Allen's company holds a slate of network-affiliate stations.
• The Weather Channel: His company owns the Weather Channel network.
• Starz stake: The company bought a 10.7% stake in cable channel Starz for $25 million in March.

Allen could not be reached for comment on the new layoffs at BuzzFeed.

Company Statement

In its own statement, BuzzFeed said: "We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value."

Financial Struggles

BuzzFeed was founded in 2006 and became known as a pop culture hub for celebrity gossip, quirky video content, online quizzes, and cooking recipes. However, the company has declined in recent years and faced mounting financial struggles:

• Q1 net loss: $15 million
• Q1 revenue: $31.6 million (a 12.4% decline year-over-year)
• Ad revenue: $17.1 million (down nearly 20% year-over-year)
• Content revenue: $7.5 million (up roughly 69% year-over-year)

The company is expected to release its second-quarter results on August 4.

Times staff writers Meg James and Stacy Perman contributed to this report.

This story originally appeared in the Los Angeles Times.