2/17/2024 0 Comments Buzzfeed best budget planner![]() ![]() "We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts," Peretti wrote. ![]() The company will also reduce budgets, open roles and most other discretionary expenditures. Peretti said HuffPost and BuzzFeed's flagship site will open a number of roles for BuzzFeed News editors and reporters. We have tried hard to avoid taking this step, and we are sorry about the impact it will have on many of you." The state of BuzzFeed "Unfortunately, to keep our company healthy and competitive, we need to reduce the size of our team. The economic headwinds that have hurt many of our clients and partners are also affecting us," Insider President Barbara Peng wrote in the memo. ![]() "As you know your industry has been under significant pressure for more than a year. Insider executives said layoffs have stemmed from a significant recession in advertising spending in technology and finance, as well as disruptions to distribution and revenue share. Affected employees will receive a minimum of 13 weeks of base pay and medical benefits will be covered through August, the memo says. Insider, which is owned by German conglomerate Axel Springer, told staff Thursday morning it was reducing its total headcount by 10%, including union and non-union staffers, according to an internal memo viewed by CNBC. And I think investment dollars in general will be tough to come by unless you can show a real differentiated plan."īuzzFeed wasn't the only digital media company to announce layoffs Thursday. "There's not that many public companies in digital media. Miller added that going public is probably not the best strategy for digital media companies like Buzzfeed. "There's no free lunch anymore in the space in the sense that the advertising market this year is not particularly strong, and everything has to be earned," said Jonathan Miller, the CEO of Integrated Media, which specializes in digital media investments. The company, which was valued at $5.7 billion in 2017, was poised to fetch a price of below $1 billion. In January, Vice Media restarted its sale process at a lower valuation, CNBC previously reported. These cuts have impacted companies like Wall Street Journal publisher Dow Jones and Vox Media. The news comes during a tough period for digital media companies as publishers are cutting staff as advertisers reduce spending. ![]() The stock fell nearly 20% Thursday, closing at 75 cents. Shares of the company have fallen about 90% since its IPO in late 2021. Several large shareholders had urged Peretti to shut down its news operations. BuzzFeed News won a Pulitzer Prize in 2021 for its reporting on China's mass detention of Muslims. It stood apart from the main, viral-content-generating BuzzFeed brand with straight news and investigative reporting. Personal Loans for 670 Credit Score or LowerīuzzFeed News, part of the digital media company's content division, had about 100 employees and lost about $10 million a year, two people familiar with the matter told CNBC last year. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |