BuzzFeed Lays Off 100 as It Shifts Business Strategy

Tri County Sun Times - BuzzFeed Lays Off 100 as It Shifts Business Strategy Digital media company BuzzFeed is cutting 8 percent of USA employees, or 100 jobs, as changes its business model in a bid to boost revenue.As many as 100 staff are affected in the USA, mainly falling on commercial side of the company, the Wall Street Journal has said. The revenue shortfall is expected to delay BuzzFeed's hotly anticipated IPO, according to the Journal's sources.BuzzFeed CEO Jonah Peretti told staff in a memo Wednesday that the company needed to move away from being advertising supported only to one with a more diverse revenue model.While spending on digital advertising is still growing, competition for those dollars is increasing.BuzzFeed said today it was cutting an estimated 100 jobs as the news and entertainment website reorganises its advertising efforts in the face of disappointing revenues.New leadership would come as president Greg Coleman transitions to an advisory role. As t