The board of directors at BuzzFeed, a well-known US digital media platform, approved a layoff and restructuring plan on July 22. The company will cut approximately 35% of its full-time employees and dedicated outsourced personnel across all regions and business lines worldwide to reduce operating costs. The related restructuring expenses are estimated to be between $6.5 million and $8.5 million, mainly accounted for in the third-quarter financial statements. From the third quarter onwards, the
The board of directors at BuzzFeed, a well-known US digital media platform, approved a layoff and restructuring plan on July 22. The company will cut approximately 35% of its full-time employees and dedicated outsourced personnel across all regions and business lines worldwide to reduce operating costs. The related restructuring expenses are estimated to be between $6.5 million and $8.5 million, mainly accounted for in the third-quarter financial statements. From the third quarter onwards, the
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The board of directors of the well-known US digital media platform BuzzFeed approved a layoff and restructuring plan on July 22, planning to cut approximately 35% of full-time employees and dedicated outsourced staff across various regions and business lines worldwide to reduce operating costs. The estimated cost related to this restructuring is between $6.5 million and $8.5 million, mainly to be recorded in the third quarter financial report. The company expects to save about $29 million to $32 million in annual expenses starting from the third quarter. The majority of the restructuring expenses will be cash outflows, expected to be fully paid by the end of the fourth quarter. This round of layoffs is intended to help the company achieve profitability and generate positive cash flow.
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