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BuzzFeed cutting about 200 people in efforts to trim costs and become profitable

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Buzzfeed

Buzzfeed

Bloomberg

Buzzfeed

Digital media company BuzzFeed is cutting 15pc of its jobs, or about 200 people, to trim costs and become profitable.

BuzzFeed chief executive Jonah Peretti wrote to employees saying that the layoffs will help BuzzFeed avoid having to raise money from investors again.

The privately held company has not been profitable for several years.

It has raised hundreds of millions from investors such as Comcast's NBCUniversal.

The New York company is best known for its viral posts and quizzes and has a well-regarded news division.

Many digital media companies have cut jobs or sold off in recent years as Facebook and Google gobble up the bulk of digital advertising money.

Verizon also said it is cutting about 800 jobs in its media division, which includes Yahoo and HuffPost.

PA Media