BuzzFeed Announces 35% Workforce Reduction Following Acquisition by Byron Allen
BuzzFeed is cutting approximately 180 staff and contract positions, representing a 35% reduction in its workforce. The layoffs are part of the company's restructuring efforts under new owner Byron Allen, who acquired a majority stake for $20 million in cash and a $100 million promissory note earlier this year. The move aims to streamline operations and position BuzzFeed toward sustainable growth as it faces financial challenges including a $15 million net loss in the first quarter of 2026. Ad revenue dropped nearly 20% compared to last year, while content revenue rose by about 69%. The restructuring is also intended to strengthen BuzzFeed's presence in free streaming content. Byron Allen has been expanding his media empire through various acquisitions and recently took over a late-night TV time slot previously held by Stephen Colbert. His company owns the Weather Channel network and holds a stake in Starz.