In a memo to employees, BuzzFeed CEO and founder Jonah Peretti stated the company is reconfiguring the business side of the U.S. arm, including sales, creative, client services, ad solutions and marketing.
That news follows today's announcement that BuzzFeed will lay off 100 employees, including 8% of its U.S. staff. The company employs roughly 1,700 people worldwide.
Peretti’s memo highlighted some of the company’s successes over the last year, citing new programming, like the live Twitter morning talk show "AM to DM" and the growth of lifestyle brands Tasty and Nifty. BuzzFeed plans to continue to grow its original series through partnerships with Facebook and NBCU.
The memo also announced the creation of BuzzFeed Media Brands, which will encompass Tasty, Nifty, and fellow brands Bring Me, Goodful, with the launch of a new fashion and beauty franchise in the first quarter of 2018.
The company plans to expand its Product Labs, which outperformed expectations this year, into BuzzFeed Commerce.
The U.K. arm of the company is also affected by the layoffs, with a refocusing on the global and U.K. News beats, and reductions in staff planned across many sectors, including buzz, commercial, news, and administration.
After three years as BuzzFeed president, Greg Coleman will transition to a new role as a senior advisor to the company.
Earlier this month, BuzzFeed revealed its 2017 revenue targets came 15% to 20% below their projected $350 million goal, amounting to losses of $50 million to $70 million in revenue, dampening hopes for an IPO next year.
“Our new structure will ensure that BuzzFeed continues to grow, transform our industry, and impact the lives of millions of people,” Peretti’s statement read.