Thursday, 3 April 2025
24.9 C
Singapore
26.8 C
Thailand
20.7 C
Indonesia
27 C
Philippines

BuzzFeed furloughs 68 employees and extends pay cuts

BuzzFeed plans to furlough 68 workers as part of broader cost-cutting measures, according to a memo shared by Variety from the CEO of BuzzFeed, Jonah Peretti. Jonah said that the furloughs would affect BuzzFeed’s administration teams, studios, and businesses.  From the look of things, the furloughs do not include BuzzFeed News yet. However, Jonah wrote, […]

BuzzFeed plans to furlough 68 workers as part of broader cost-cutting measures, according to a memo shared by Variety from the CEO of BuzzFeed, Jonah Peretti. Jonah said that the furloughs would affect BuzzFeed’s administration teams, studios, and businesses. 

From the look of things, the furloughs do not include BuzzFeed News yet. However, Jonah wrote, “We will begin a negotiation with the News Guild about the need to reduce cost in News.” Those efforts meant to minimize losses “will no longer be possible without further cuts similar to what we’re doing across other parts of the company.”

The furloughs are expected to start on May 15, 2020, and extend for the next three months. Over the three months, the employees will not be paid. However, their health coverage will continue.

Earlier, Perretti wrote that salary cuts would continue throughout the year. (Perretti himself will not be receiving any payment during this period). Other measures to cut costs include subleasing BuzzFeed’s offices in Minneapolis and Washington D.C., plus closing out over 50 open positions in tech and content. 

These actions are a part of a broader wave of cutbacks at media organizations, both digital and traditional, as a result of the COVID pandemic, which has led to a decline in advertising. So far, Vox and BuzzFeed have used furloughs and pay cuts to cut costs while avoiding having to lay off their employees permanently.

“In difficult times, we can’t abandon our values,” Jonah Peretti wrote. “We are just as committed as ever to diversity, inclusion, and employee resource groups. It is important to share these furloughs do not have an adverse impact on employees based on race or gender. We are just as committed as ever to the important work we do to serve our audience.”

Hot this week

Elon Muskโ€™s xAI acquires X for US$33 billion in an all-stock deal

Elon Muskโ€™s xAI acquires X in a US$33 billion all-stock deal, merging AI with social media for smarter user experiences.

RedCurl group linked to new ransomware strain in first documented attack

Bitdefender uncovers RedCurl's first ransomware campaign, revealing QWCrypt's unique tactics and the group's evolving cyber threat model.

LinkedIn: How AI is reshaping hiring and workforce strategies in 2025

Discover how AI is transforming hiring and workforce strategies in 2025, from skills-based recruitment to internal mobility and continuous learning.

Chinese investor questions commercial future of humanoid robots

Chinese venture capitalist Allen Zhu questions the commercial potential of humanoid robots, sparking debate amid rising AI investment in China.

Global tech leaders to explore the future of enterprise at ATxEnterprise 2025

ATxEnterprise 2025 in Singapore will bring together global leaders to explore AI, cybersecurity, and the future of enterprise technology.

Qualcomm expands AI research with MovianAI acquisition

Qualcomm has acquired Vietnamese AI research firm MovianAI to boost its AI development in smartphones, PCs, and software-defined vehicles.

Roblox introduces new parental controls to enhance child safety

Roblox introduces new parental controls, allowing parents to block games, restrict friends, and monitor their childโ€™s activity for better safety.

Anthropic introduces Claude for Education, a new AI chatbot plan for universities

Anthropic launches Claude for Education, an AI chatbot plan for universities that offers advanced learning tools and administration support.

Exabeam introduces Nova, an agentic AI that boosts cybersecurity operations

Exabeam unveils Nova, a proactive AI agent that boosts security team productivity and reduces incident investigation time by over 50%.

Related Articles