BuzzFeed is slashing 35% of its staff in a major restructuring led by new CEO Byron Allen, who invested $20 million and a $100 million note to take control just two months ago. The company, once a viral content powerhouse, is hemorrhaging cash—reporting a $15M loss and a 12% revenue drop—with ad revenue plummeting 20%. Allen, already a media titan with stakes in CBS, the Weather Channel, and Starz, is pushing BuzzFeed toward profitable growth by expanding its streaming footprint. Leadership says they’re confident in Allen’s vision to unlock the company’s full potential amid a rapidly shifting media landscape.
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