BuzzFeed to cut about 180 jobs after Allen deal

is cutting about 180 jobs as it carries out a broad restructuring following an ownership change that made entrepreneur Byron Allen the company’s majority owner.

The company said the workforce reduction is part of a wider effort to stabilize its finances and reshape the business for what it described as sustainable growth. It did not provide additional details on when the job cuts will take place.

Restructuring follows Byron Allen’s majority stake

The changes come after a $120 million acquisition agreement in May that gave Allen a 52 percent stake in the company. Management described the restructuring as aligning operations with priorities under the new ownership.

Officials said the plan is aimed at scaling the business while adjusting to major shifts affecting both linear and digital advertising markets. The job reductions were presented as one element of a broader reset focused on financial resilience.

Financial pressure cited in disclosures and results

The restructuring follows a formal disclosure in March in which the company raised concerns about its ability to continue as a going concern. The company framed the current actions as part of its response to those risks.

Officials also pointed to a previously reported 20 percent year-over-year decline in advertising revenue. Alongside that drop, the company reported a quarterly net loss of $15.1 million, adding to the pressures behind the restructuring.

Operational consolidation and new leadership focus

As part of the overhaul, Sources said it plans to consolidate its studio operations. It also said its content and technology teams will be refocused on steps intended to lift audience engagement and improve profitability.

Under the new ownership, a central objective is integrating the company’s content into the Local Now free ad-supported streaming platform. The company presented that integration as part of a broader plan to prioritize areas it believes can support revenue and user engagement.

Separately, founder Jonah Peretti will move into a new role centered on artificial intelligence product development. The company said the shift is designed to concentrate leadership attention on product priorities tied to its next phase.