Major changes are afoot at BuzzFeed News, including editor Mark Schoofs stepping down from the helm and giving way to company-wide layoffs.
“The next phase is for BuzzFeed News to accelerate the timeline for profitability and undergo a strategic shift so that we get there by the end of 2023,” Schoofs wrote in an industry-wide email. company obtained and reviewed by Source Material. “This will force BuzzFeed News to downsize again.”
Schoofs went on to say in the email that he hoped buyouts would occur, instead of layoffs.
“We hope to reduce our size through voluntary buyouts, not layoffs,” he wrote. “Also: It’s not your fault.”
Elsewhere in the email, Schoofs wrote that BuzzFeed News will be moving under new management with the specific goal of being “financially stable.” “Under Jonah’s leadership, the company has funded BuzzFeed News for many years,” while emphasizing that “the next phase is for BuzzFeed News to accelerate the timeline for profitability and undergo a strategic shift so that we get there.” by the end of 2023.”
BuzzFeed has seen itself in a less than ideal financial position throughout the pandemic, leaving management to cut salaries by more than 25% in March 2020.
“Employees in the lowest bracket — which includes anyone earning less than $65,000 a year — would take a 5% cut, while those making between $65,000 and $90,000 would take a 7% cut,” a reported The Daily Beast at the time. “Other staff would take a pay cut of nearly 10%, while executives would take a pay cut of 14-25%.”