News & Events zu BuzzFeed, Inc. (BZFD)BZFDBuzzFeed, Inc.

BuzzFeed Plans 35% Workforce Reduction to Cut Operating Costs

In a regulatory filing, BuzzFeed disclosed that on July 22, the board of directors of the company approved a reduction in workforce plan designed to reduce operating expenses by implementing an approximately 35% reduction in the current workforce and dedicated contractors across various geographies and functions. "The reduction in workforce plan is intended to advance the company's path towards profitability and positive cash flow generation by streamlining its organizational structure, optimizing operating expenses, and preserving cash. The company expects to recognize restructuring charges in connection with the reduction in workforce plan, including severance, outplacement services, and benefits continuation. The company estimates that the foregoing charges will range between $6.5 million to $8.5 million, and we expect the charges will be recognized primarily in the third quarter of 2026. The majority of these charges will result in cash expenditures, and are expected to be paid by the end of the fourth quarter of 2026. The company expects to realize annualized savings of approximately $29.0 million to $32.0 million, beginning primarily in the third quarter of 2026 and beyond," the filing stated.

Netflix to Launch Curated Video Service Next Month

Netflix (NFLX) said in a blog post, "Starting next month, you'll be able to watch some of your favorite videos from around the Internet without having to leave Netflix to find them. On Aug. 3, curated videos from top digital media brands will be available for Netflix members at all subscription levels in the United States, Canada, the United Kingdom, Ireland, Australia, and New Zealand. Spanning food, travel, fashion, entertainment, design, wellness, and more, these franchises and series range from three-minute quick-hits to 20-minute episodes and will offer new ways to discover travel inspiration, cooking ideas, fashion trends, celebrity profiles, home and gardening tips, and more. They'll include videos from: BuzzFeed (BZFD): A*Pop, BuzzFeed Celeb, Cocoa Butter, Pero Like, Tasty; Conde Nast: Allure, Architectural Digest (AD), Bon Appetit, Conde Nast Traveler, Epicurious, Glamour, House & Garden, Self, Teen Vogue, Vanity Fair, Vogue, Wired, The World of Interiors; Hearst Magazines: Cosmopolitan, Elle, Harper's Bazaar, Seventeen, Women's Health, Town & Country, Delish, Good Housekeeping; PMX, a subdivision of Penske Media: Billboard, Eater, Indiewire, Rolling Stone, The Hollywood Reporter, Variety; People Inc.: Entertainment Weekly, Food & Wine, InStyle, People, Travel + Leisure; Tastemade: Tastemade. You can expect a mix of licensed past videos and new ongoing series like AD's "Open Door"; BuzzFeed's "I Draw, You Cook"; Elle's "Where is the Lie"; People's "My Life in Pictures"; Tastemade's "Struggle Meals"; and many more."