Breaking! BUZZFEED is IMPLODING!

Right after all the controversy over their reporting on Michael Cohen and Trump, Buzzfeed is laying off a bunch of people and telling everyone ITS FINE EVERYTHING IS FINE.

From CNN:

BuzzFeed is preparing to lay off about 15% of its employees. The coming contraction is the latest example of a media company making cutbacks in a difficult operating environment.

The reductions will affect multiple departments, including the news division, according to sources familiar with the matter.
BuzzFeed has about 1,450 employees, so about 220 will be leaving, one of the sources confirmed.

BuzzFeed CEO Jonah Peretti confirmed the sharp cut on Wednesday after reporters from other news outlets began inquiring.

The layoffs, he said in an internal memo, are part of a broader effort to “put us on a firm foundation and allow us to invest and grow sustainably for years to come.”

And…

Staffers at BuzzFeed have been bracing for bad news for days. Employees had learned senior editors were being flown into BuzzFeed’s New York City offices and cuts to staff were widely speculated about internally.



Some people are really pissed about the news:

And here’s the entire memo:

So uh, don’t celebrate, or journalists will block you on twitter!

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