BuzzFeed shares rose nearly 11% on Tuesday after the digital media company approved a workforce reduction plan that will cut about 35% of its current employees and dedicated contractors across multiple geographies and functions as part of a broader effort to lower costs. The company said the restructuring is aimed at accelerating its path to profitability and positive cash flow by streamlining its organizational structure, reducing operating expenses, and preserving cash. BuzzFeed expects to record $6.5 million to $8.5 million in restructuring charges, primarily in the third quarter of 2026, related to severance, outplacement services, and continued benefits, with most of the charges resulting in cash outlays expected to be paid by the end of the fourth quarter. The company expects the layoffs to generate annualized savings of approximately $29.0 million to $32.0 million, beginning primarily in the third quarter of 2026 and beyond.
BuzzFeed IncWorkforce reduction plan aimed at lowering costs and accelerating path to profitability, generating annualized savings of ~$29-32M.