BuzzFeed on Wednesday said it is reducing its workforce by 16% in a significant move to cut costs. The online media company also announced the sale of youth-oriented publisher Complex for $108.6 million to L.A.-based live shopping platform NTWRK. The cuts come amid broader turmoil in the media and entertainment industries as companies look to slash costs and streamline their businesses. BuzzFeed said that though it was selling Complex, it would keep First We Feast, which was part of its original $300-million acquisition of Complex announced in 2021. But BuzzFeed, like other media outlets, struggled as digital advertising was dominated by Facebook and Google and publishers had to deal with changes to platform algorithms.

Source: Los Angeles Times February 22, 2024 05:25 UTC