BuzzFeed will cut nearly 12 percent of its workforce amid worsening economic conditions.

The media giant is the latest in the sector to announce jobs cuts as huge companies continue to shed staff.

The company’s founder and CEO Jonah Peretti told staff of more cuts at the business in a message this week.

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Mr. Peretti blamed the layoffs on “a combination of worsening macroeconomic conditions” and shifts in how people consume media.

The decision to slash operating costs comes as the company’s stock is nearing an all-time low of around $1.10 per share, down roughly 90 percent in the last year.

A spokesperson said the redundancies will hit almost 180 workers.

The move follows more layoffs carried out in March this year.

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The cuts are mainly targeted at sales, technology, production, and content teams for BuzzFeed and Complex, which it took over the previous year.

The spokesperson noted that no layoffs were made to its Tasty food brand, BuzzFeed News, or HuffPost, which BuzzFeed also acquired.

Mr. Peretti told workers that the cuts “do not reflect on the good work the affected employees have done over the years to build our company and our brands.”

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He said: “In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023.

“We must adapt, invest in our strategy to serve our audience best, and readjust our cost structure.”

As the advertising business slowdown and the economic outlook fades, a spate of media companies has cut costs in recent months.

CNN has fired hundreds of staff in the last few weeks alone.

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Similarly, Gannett, AMC Networks, and Paramount Global have confirmed staff downsizing.

Mr. Peretti added that in the future, he plans to invest “in areas that will drive growth” and build “a more robust creator business.”

“I know that there’s nothing I can write here to make this easier for anyone losing their job today,” Peretti told affected staffers. 

“While I believe in the strategy we’re pursuing, and know it’s necessary to navigate the challenging year ahead, that’s no comfort if you are directly affected.”

Source: CNN

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