BuzzFeed, Inc. is an internet media and entertainment company that was founded in 2006 with its headquarters in New York City. According to reports, BuzzFeed has announced plans to lay off 16% of its workforce in a restructuring initiative aimed at reducing costs and enhancing profitability. This comes after the company sold its subsidiary, Complex Media, to NTWRK for $108.6 million USD.
The report further mentions that the restructuring plan would save the company $23 million USD annually. NTWRK is an e-commerce platform that specializes in livestreamed video shopping. It was founded in 2018 with its headquarters in Los Angeles.
