Facing underwhelming revenue, BuzFeed fires 100s staffers

All’s not well in the land of BuzzFeed. The digital media company just fired about 100 staffers – roughly 7% of its workforce. The company is also planning some big changes to its monetization efforts, according to an announcement from CEO Jonah Peretti. (Indeed, most of the new layoffs hit BuzzFeed’s ad sales and business operations teams.) In a memo to staff, Peretti indicated that BuzzFeed will now expand its efforts to areas such as e-commerce and programmatic ad sales, as opposed to just native advertising. As part of the reorganization, BuzzFeed President Greg Coleman will vacate his position, though he’ll stay on as an advisor. The company’s drastic new measures aren’t terribly surprising: Earlier this month, the Wall Street Journal reported that the company is on track to fall 15 to 20 percent short of its 2017 revenue projections.

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