Facing a significant revenue shortfall this year, BuzzFeed is laying off about 100 employees and reorganizing its advertising sales and business operations as it moves away from relying purely on native advertising.
BuzzFeed plans to reduce its U.S. staff by 8%, with all the cuts coming from the business and sales side of the organization, the company said Wednesday.
Some editorial staffers and business-side employees in the U.K. will also be let go.
The job cuts and organizational changes are part of an effort to diversify the company’s sources of revenue, at a time when fierce competition for online advertising dollars is making it tough for digital media companies to maintain the significant growth rates expected by investors.
“As our strategy evolves, we need to evolve our organization, too—particularly our business team, which was built to support direct-sold advertising but will need to bring in different, more diverse expertise,” Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a memo to staff.
As part of the restructuring, Greg Coleman, a high-profile ad-world veteran who has served as BuzzFeed’s president since 2014, will step aside, but remain an adviser to the company.