BuzzFeed has announced another round of job cuts in its rapidly shrinking newsroom in response to calls from its owners to reduce costs.
Editor-in-chief Mark Schoofs and Tom Namako, his deputy, are among those leaving with voluntary redundancy being offered to encourage more departures.
The New York-based company’s newsroom employs around 100 people and while it wins plenty of awards, including a Pulitzer last year, annual losses are said to be running at around US$10mln.
A BuzzFeed spokesperson said 35 people were eligible to apply for the redundancy packages but not all are expected to take them up.
According to CNBC, shareholders recently asked CEO Jonah Peretti to shut down the entire news operation.
Shares of BuzzFeed have fallen more than 40% since the company went public in December.
In 2021, a 24% increase in e-commerce and advertising revenue boosted revenue to US$398mln while profit more than doubled to US$25.9mln.