Yahoo Finance Buzzfeed to cut a third of UK staff
Digital news and entertainment outlet Buzzfeed is now planning to cut just under a third of its UK staff after falling short of revenue targets.
Staff were told on Thursday that Buzzfeed was proposing to cut 45 roles, across commercial and editorial operations, from the total 140 staff based London.
Of the 76 journalists at the bureau, 23 are said to be facing redundancy.
It comes just over a week after Buzzfeed tabled plans to cut around 20 roles in London, out of a global reduction of 100.
At the time, staff were told that the organisation was looking to bring in new commercial staff with wider experience.
Update: Staff representatives have just briefed BuzzFeed UK staff on management proposal for redundancies. Management proposes cutting 45 roles (business and editorial) from 140 staff.
— Mark Di Stefano ���� (@MarkDiStef) December 7, 2017
Buzzfeed, which was backed by Comcast's NBC Universal, investing $400m (£300m), had been expected to float next year, though the prospect of this has faded recently.
Last month, reports emerged that it had missed its $350m global revenue goal by up to 20pc in its most recent financial year and last year the UK business posted a £3.5m loss despite doubling revenue to £20.5m.
Buzzfeed has been attempting to turn around its fortunes, amid rising competition from technology giants in the digital advertising market, announcing plans to sell digital advertising on its websites and apps.
However, according to analysis by Comscore, traffic to its site has fallen from 13m unique views at the start of 2015 to 10.3m in October this year.
Buzzfeed did not respond to requests for comment.
