BuzzFeed Plans More Cuts to News Division as Top Editor Departs
(Bloomberg) -- The top editor at BuzzFeed News has resigned as the digital-media company cuts staff and projects it will lose up to $20 million this quarter.
Mark Schoofs, who had been editor-in-chief since 2020, told staff that he is leaving the company. Samantha Henig, the news division’s executive editor of strategy, will replace him on an interim basis.
BuzzFeed is also making cuts to its video and editorial teams at Complex Networks, a youth-focused media company it acquired in June. The cuts, which amount to 1.7% of the company’s total workforce, were first reported by The Information.
The changes came as BuzzFeed announced its first earnings as a public company on Tuesday. The company reported fourth-quarter revenue increased 18% due to growth in advertising and content sales. But it expects first-quarter sales will decline “by a low single-digit percentage” and the adjusted loss before interest, taxes, depreciation and amortization this quarter will be in the range of $15 million to $20 million.
https://www.msn.com/en-us/money/companies/buzzfeed-plans-more-cuts-to-news-division-as-top-editor-departs/ar-AAVnbtW