BuzzFeed to lay off 200 staff in latest round of cuts

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"We've developed a good understanding of where we can consolidate our teams, focus in on the content that is working, and achieve the right cost structure to support our multi-revenue model", he wrote.

BuzzFeed is laying off 250 workers (15% of its staff).

"This week, we will make changes that will impact around 7 percent of our global workforce across the organization, as well as certain brands and products", Verizon Media CEO Guru Gowrappan wrote in the email to employees.

Donald Trump is blaming economic woes in the media industry on "fake news and bad journalism".

Guru Gowrappan, who took the helm of the company's media efforts past year along with CEO Hans Vestberg, told employees that the new priorities will be mobile and digital video products. BuzzFeed, however, has said it remains confident in its reporting.




In total, 43 people were let go on Friday from BuzzFeed News, a spokesperson for the company told CNN Business. Layoffs also hit several newspapers owned by Gannett, the nation's largest newspaper chain, on Wednesday.

But others, especially journalists, whose careers are to gather facts and provide news context, disagree.

Digital ventures like BuzzFeed have also been under increasing pressure from venture capitalists, who have provided sizable rounds of funding, to deliver results. In a message to employees on Wednesday, CEO Jonah Peretti explained that although revenue has grown rapidly, "unfortunately, revenue growth by itself isn't enough to be successful in the long run".

While employees expressed their sadness, however, many also turned to Twitter to thank the outlet for the opportunities it gave them. While many Americans may not be fond of the mainstream media, the journalists who lost their jobs are real people - with families, rent, and bills. The company, a division of Verizon Communications which owns properties such as HuffPost, AOL, and TechCrunch-as well as Yahoo, including Yahoo Finance-has had a tough time growing and competing against the likes of Facebook and Google for online ad dollars.

The restructuring that BuzzFeed will undertake, he added, will reduce overall costs and improve their operating model so they can avoid raising funds from outside investors.

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