Donald Trump Slams 'Fake News' BuzzFeed, HuffPo After Mass Layoffs

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BuzzFeed, one of the highest profile entertainment and news sites on the internet, plans to cut 15 per cent of its workforce, United States media reports said on Wednesday.

"Sadly, many others will follow", he said.

Peretti wrote in his email that the company's business has grown by "double digits" over the past year, but said "unfortunately, revenue growth by itself isn't enough to be successful in the long run".

As it trims staff, BuzzFeed has been examining the "the evolving economics of digital platforms", chief executive officer Jonah Peretti said in a memo to employees.

Peretti added: "On a personal note, I've never thought about my job as 'just business.' I care about the people at BuzzFeed more than anything other than my family".

'Twas an ugly week for the media industry: After unexpected layoffs across both print and digital publications, hundreds of journalists will be updating their resumes this weekend.

BuzzFeed was not the only media company to announce layoffs this week. BuzzFeed is also not the only company to deliver large amounts of layoffs recently either. The investigations team will also remain largely intact, except for one reporter who got a layoff notice today.

NBCUniversal (which owns NBC News) has a $400 million investment in BuzzFeed, which is also backed by internet entrepreneur Kenneth Lerer.

BuzzFeed launched in 2006 and was long primarily known for its humorous content and memes.

BuzzFeed became wildly popular with its clever exploitation of Facebook's algorithm and its constant spigot of viral content.

BuzzFeed News has indeed established itself as a high-profile newsroom, churning out a number of high-prized scoops in recent years.

BuzzFeed Inc is eliminating 15 per cent of its headcount across the company, the latest pullback for digital media sites dealing with a challenging advertising market.

"We've had years when we've been profitable, and years when we're not profitable", Peretti explained during a 2018 podcast.