BuzzFeed slashed 47 positions at HuffPost in Tuesday in one of the company’s first actions since acquiring the rival news site three weeks ago in a deal with Verizon Media. BuzzFeed CEO Jonah Peretti told HuffPost on Tuesday that the cuts were part of an effort to “fast-track the path to profitability” for the newly acquired property. “The severance we’re offering for all impacted union employees in the U.S. follows the collective bargaining agreement of HuffPost’s Union,” he added. We will also be giving adjusted bonuses to all impacted employees for the time they worked in 2021.”As part of the deal announced last November, Verizon Media has a minority stake in BuzzFeed Inc., while BuzzFeed controls a media network that now includes HuffPost, BuzzFeed, BuzzFeed News and Tasty. BuzzFeed News and HuffPost operate separately as “distinct news organizations,” according to the announcement, but Verizon Media and BuzzFeed syndicate content across one another’s platforms, which includes Verizon’s Yahoo brand.

Source: Huffington Post September 17, 2022 05:25 UTC