BuzzFeed is cutting about 35% of its employees and dedicated contractors in a sweeping restructuring disclosed on Monday, July 27, less than two months after media entrepreneur Byron Allen took control of the digital publisher. Reports by the Los Angeles Times, Variety and TheWrap said roughly 180 positions across BuzzFeed, HuffPost and Tasty are affected.
The company told the US Securities and Exchange Commission that its board approved the plan on July 22. BuzzFeed said the reduction spans different countries and business functions and is designed to simplify its organization, lower operating expenses, preserve cash and accelerate progress toward profitability and positive cash flow.
BuzzFeed expects the restructuring to generate charges of $6.5 million to $8.5 million, mainly for severance, outplacement services and continued employee benefits. It expects to recognize most of those costs in the third quarter of 2026 and pay most of them by the end of the fourth quarter, according to the filing.
Management projects annualized savings of $29 million to $32 million, with most benefits beginning in the third quarter. A staff memo reported by the Los Angeles Times and TheWrap said leaders had considered ways to save as many jobs as possible but concluded that eliminating some roles was necessary for sustainable growth.
The reductions mark the first major restructuring since Allen Family Digital acquired 40 million BuzzFeed shares at $3 each in a $120 million transaction completed on May 27. The investment gave Allen's family office about 51% of the company, while Allen became chairman and chief executive and founder Jonah Peretti moved to the new role of president of BuzzFeed AI.
The cuts come as BuzzFeed tries to rebuild around free streaming, artificial intelligence and direct-to-consumer products. First-quarter revenue fell 12.4% from a year earlier to $31.6 million, while the company recorded a $15 million net loss; advertising revenue declined nearly 20% to $17.1 million, although content revenue rose about 69% to $7.5 million. BuzzFeed is scheduled to report second-quarter results on August 4, offering the next test of whether the new strategy and lower cost base can improve its finances.
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