BuzzFeed to reduce remaining workforce by 16%

BuzzFeed announced a planned strategic restructuring intended to reduce expenses by implementing a 16% reduction in the remaining workforce, which is expected to yield approximately $23M in annualized compensation cost savings. The company’s restructuring, the details of which will be shared on Wednesday, February 28, “is designed to reduce centralized costs and to allow the company to become more agile, sustainable, and profitable.” Overall, the company “will focus on optimizing sustainable revenue streams with the highest margins. BuzzFeed, First We Feast, HuffPost and Tasty will each operate entrepreneurially with individual strategies and revenue lines tailored to market and audience dynamics.”