BuzzFeed will lay off around 100 employees after the company missed revenue targets earlier this year, TheWrap has learned. The company employees roughly 1,700 people worldwide.
BuzzFeed CEO Jonah Peretti announced the news to staff in a company-wide email.
“As our strategy evolves, we need to evolve our organization, too — particularly our business team, which was built to support direct-sold advertising but will need to bring in different, more diverse expertise,” said Peretti.
“We’ll be significantly expanding our investment to grow our lifestyle brands and additional new areas, and at the same time making necessary reductions in other areas that will impact employees on our U.S.