{"id":4378,"date":"2026-07-27T20:37:40","date_gmt":"2026-07-27T20:37:40","guid":{"rendered":"https:\/\/uspropertymoves.com\/?p=4378"},"modified":"2026-07-27T20:37:40","modified_gmt":"2026-07-27T20:37:40","slug":"buzzfeed-huffpost-and-tasty-to-lay-off-180-staffers","status":"publish","type":"post","link":"https:\/\/uspropertymoves.com\/?p=4378","title":{"rendered":"BuzzFeed, HuffPost and Tasty to Lay Off 180 Staffers"},"content":{"rendered":"
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\n\tIn the first major restructuring move of Byron Allen\u2018s ownership tenure, BuzzFeed, HuffPost and Tasty are set to undergo a significant round of layoffs, with some 180 staffers to be given pink slips, The Hollywood Reporter<\/em> has learned. BuzzFeed, across all its units, had approximately 510 employees prior to the cuts.<\/p>\n

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\n\t\u201cToday we are making important changes to BuzzFeed that are required to put our business on a path to profitable and sustainable growth,\u201d read a memo from the company\u2019s leadership to employees on Monday. \u201cFour months ago, in our March earnings call we stated a substantial doubt about the company\u2019s ability to continue as a going concern. Fortunately after that public announcement, Byron Allen quickly stepped in and made an investment of approximately 26 million dollars into BuzzFeed to stabilize, protect, and grow the company.\u201d<\/p>\n

\n\tIn a $120 million agreement unveiled in May, Allen took a 52 percent majority stake in the company as well as the CEO role from founder Jonah Peretti, funded by $20 million in cash and $100 million in the form of a promissory note due five years after deal close. <\/p>\n

\n\tThe move was alternately characterized as either a lifeline to the Millennial media company or a decision of last resort given BuzzFeed\u2019s cash crunch as a publicly traded firm. In its latest quarter, BuzzFeed reported a nearly 20 percent decline in advertising revenue year-over-year. The company\u2019s net loss for the quarter was $15.1 million, up from $12.5 million last year. BuzzFeed is set to report its next earnings disclosure on August 4. <\/p>\n

\n\tWhile Allen is the majority stakeholder in BuzzFeed and HuffPost, the company is separate from his Allen Media Group holdings, which include the linear TV assets of The Weather Channel, website TheGrio, local TV stations in multiple cities, streaming services Local Now and HBCU Go and branded networks like Cars.TV and Pets.TV. Allen Media, which has around 2,000 employees, underwent a notable round of layoffs in 2024 and\u00a0sold roughly a third of its TV station portfolio for $171 million last year.<\/p>\n

\n\t\u201cI\u2019m no different than any media company that\u2019s going through a transition,\u201d Allen told THR<\/em> in May of his calculus for when he makes cost cuts. \u201cIf we have declines in linear spending, then we rightsize it. We made significant cuts, but these were cuts that were never made before. When I started the company from my dining room table it was go-go-go, grow-grow-grow. Now it\u2019s very different. During the pandemic, what people forget, is I didn\u2019t lay anyone off during the pandemic, not one soul. I said, \u2018People before profits.’\u201d<\/p>\n

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\n\tAllen has said his goal is to transform his business so that in five years it would be powered by a significant free advertising video on-demand platform, Local Now, that\u2019s fueled by BuzzFeed and HuffPost content. Additionally, he\u2019s telegraphed his intentions to pursue a subscription video streamer, Starz, by hostile takeover if necessary. <\/p>\n

\n\t\u201cByron sees incredible opportunity in all of our assets and recognizes BuzzFeed, HuffPost, Tasty and BuzzFeed Studios have large audiences and are great brands. BuzzFeed is well-positioned for growth, especially in free streaming,\u201d read the unsigned memo from BuzzFeed leadership on Monday. \u201cBuzzFeed Studios will operate as its own entity consolidated under BuzzFeed, Inc., enabling us to maximize synergies across the broader portfolio and secure further investment. Content and Tech teams will be keenly focused on maximizing audience engagement, revenue, and profitability.\u201d<\/p>\n

\n\tDespite its tumble, BuzzFeed is still a large web publisher with nearly 27.5 million unique visitors in June, per Comscore figures. But it\u2019s not as scaled as, say, a People<\/em> (61 million) or even a USA Today <\/em>(40 million), which may leave it at a strategic crossroads. Its former chief executive, Peretti, is now moving aside as an operator and will run a division titled BuzzFeed AI in order to take, as he described it, a \u201chands-on role developing products and technology that are only possible because of recent advances in AI.\u201d<\/p>\n

\n\tAllen, meanwhile, has found new life for his Comics Unleashed<\/em>\u00a0series. In a one-season, time-buy deal, he took over CBS\u2019 Stephen Colbert Late Show<\/em> time slot. Since picking up the slot in late May, the series has averaged under 1 million viewers, compared to the Late Show<\/em>\u2018s 2.9 million average viewers last season. CBS, however, may see a great deal, as Allen tells it. \u201cI said, \u2018Let me put that show there and let me buy the time period. I can save you $30 million-$40 million,’\u201d he recalled to THR<\/em> in May of his pitch to the network. \u201cThey said, \u2018Brilliant idea, let\u2019s do it.\u2019\u201d<\/p>\n

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