https://techcrunch.com/2020/05/06/buzzfe...hCrunch%29

Quote:BuzzFeed plans to furlough 68 employees as part of broader cost-cutting measures, according to a memo from CEO Jonah Peretti that was shared earlier by Variety.

We’ve also obtained a copy of the memo, in which Peretti said the furloughs will affect the business, studios and administration teams.

It sounds like the furloughs do not yet include BuzzFeed News. However, Peretti wrote, “We will begin a negotiation with the News Guild [the union that represents BuzzFeed News] about the need to reduce costs in News,” and that efforts to minimize losses “will no longer be possible without further cuts similar to what we’re doing across other parts of the company.”

The furloughs will begin on May 15 and extend for three months. During that time, employees won’t be paid, but their health coverage will continue.

Peretti wrote that previously announced salary cuts will continue through the end of the year. (Peretti himself is foregoing pay during this period.) Other cost-cutting measures include subleasing the company’s offices in Minneapolis and Washington, D.C., and closing out more than 50 open positions in content and tech.

This is part of a broader wave of cutbacks at media organizations, digital and otherwise, as a result of the COVID-19 pandemic, which has led to a dramatic decline in advertising. Thus far, both BuzzFeed and Vox have used pay cuts and furloughs to cut costs while avoiding permanent layoffs.

Guess they learned what happens when you drive #FearPorn and get businesses to shut down. Shut down businesses don't buy advertisements.

(05-06-2020 04:47 PM)Kaplony Wrote:  https://techcrunch.com/2020/05/06/buzzfe...hCrunch%29

Quote:BuzzFeed plans to furlough 68 employees as part of broader cost-cutting measures, according to a memo from CEO Jonah Peretti that was shared earlier by Variety.

We’ve also obtained a copy of the memo, in which Peretti said the furloughs will affect the business, studios and administration teams.

It sounds like the furloughs do not yet include BuzzFeed News. However, Peretti wrote, “We will begin a negotiation with the News Guild [the union that represents BuzzFeed News] about the need to reduce costs in News,” and that efforts to minimize losses “will no longer be possible without further cuts similar to what we’re doing across other parts of the company.”

The furloughs will begin on May 15 and extend for three months. During that time, employees won’t be paid, but their health coverage will continue.

Peretti wrote that previously announced salary cuts will continue through the end of the year. (Peretti himself is foregoing pay during this period.) Other cost-cutting measures include subleasing the company’s offices in Minneapolis and Washington, D.C., and closing out more than 50 open positions in content and tech.

This is part of a broader wave of cutbacks at media organizations, digital and otherwise, as a result of the COVID-19 pandemic, which has led to a dramatic decline in advertising. Thus far, both BuzzFeed and Vox have used pay cuts and furloughs to cut costs while avoiding permanent layoffs.

Guess they learned what happens when you drive #FearPorn and get businesses to shut down. Shut down businesses don't buy advertisements.

Hearing that Google and Facebook are reporting much lower advertising numbers. So there is some good coming out of this.

I love a happy ending....

watch what happens to real estate values moving forward...the impact on food is already at an epic level...

the long term effect from #~1mos. #muhCovid #muhDeflation #muhBoomers #muhNumbers will easily become/have the most monumental negative impact in my lifetime if folks don't WTMFU...

it's gonna make muh divorce look like a walk in the zoo park attempting to hold hands with a 'cougar'....

#fkWoke

@WAKETHEFOKKKUP