BuzzFeed cutting 15% of staff, shuttering news division

Struggling with economic and industry downturns, BuzzFeed is shutting down its news division and cutting dozens of jobs.

In an email to staff on April 20, CEO Jonah Peretti said the digital media company plans to lay off approximately 180 employees, or 15 per cent of its total workforce.

“I regret that I didn’t hold the company to higher standards for profitability, to give us the buffer needed to manage through economic and industry downturns and avoid painful days like today,” Peretti said.

“Our mission, our impact on culture, and our audience is what matters most, but we need a stronger business to protect and sustain this important work.”

The reduction comes just months after BuzzFeed cut 12 per cent of its workforce in December — citing a need to “adapt” and “readjust our cost structure.”

According to reports, the company employed a total workforce of more than 1,200 people at the end of 2022.

Impact on Canadian staff

While BuzzFeed didn’t disclose how many Canadian employees will be affected by latest round of cuts, a spokesperson confirmed to the Toronto Star that there will be a “small impact.”

According to BuzzFeed News’ website, the company employs more than 100 journalists around the world, including in Toronto.

In his email to staff, Peretti claimed that some affected workers might be offered positions at HuffPost.

BuzzFeed acquired the news outlet from Verizon Media in 2020.

Major layoffs continue

BuzzFeed joins the growing list of major North American companies that have announced sweeping layoffs in 2023.

Several big names, including Amazon, Accenture, Meta, Alphabet, Dell, Clearco, Hootsuite, and Microsoft, are significantly scaling back their staffing levels as they continue to navigate challenging economic conditions.

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• Hudson’s Bay laying off 2% of staff, realigning ‘strategic priorities’
• Employment lawyer discusses compensation for remote workers
• Layoffs in Canada

Termination agreements for BuzzFeed employees

In Canada, non-unionized employees and senior executives at BuzzFeed are owed full severance pay when they lose their jobs due to downsizing or corporate restructuring.

This includes individuals working full-time, part-time, or hourly in Ontario, Alberta, and B.C.

Severance can be as much as 24 months’ pay, depending on a number of factors.

LEARN MORE
• Severance packages in mass layoffs
• Rights to severance for provincially regulated employees
• Severance pay in a recession 

WATCH: Employment lawyer Lior Samfiru explains what rights employees have if they are being fired or let go on an episode of the Employment Law Show.

Before you accept any severance offer, have an experienced employment lawyer at Samfiru Tumarkin LLP review it and your employment contract.

We can tell you if what you have been provided is fair and how to get proper compensation if it falls short of what you are actually owed.

If you aren’t given the full amount, which happens often, you have been wrongfully dismissed and are entitled to compensation.