(BZFD) – BuzzFeed News Division Loses Key Officials As It Looked To Trim Workforce

  • The BuzzFeed Inc (NASDAQ: BZFD) owned BuzzFeed News head, and two other top editors departed ahead of its newsroom cuts, the New York Times reports.
  • Mark Schoofs, the editor in chief, Tom Namako, the deputy editor in chief, and Ariel Kaminer, the executive editor of investigations, departed from BuzzFeed’s news wing. 
  • Namako joined NBC Digital as executive editor.
  • Schoofs admitted that BuzzFeed News had to cut down on the workforce to become profitable. 
  • Samantha Henig, executive editor of strategy, will act as the interim editor in chief.
  • CEO Jonah Peretti announced further job cuts on the BuzzFeed video and the editorial teams at Complex Networks. There would also be cuts on the business and administrative teams. “The cuts impacted 1.7% of its total workforce.
  • The parent company reported fourth-quarter FY21 revenue growth of 18% year-on-year to $145.72 million. The profit rose to $41.6 million, up 29% Y/Y.
  • Price Action: BZFD shares traded higher by 4.65% at $5.18 on the last check Tuesday.

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