BuzzFeed management on Wednesday announced plans to lay off possibly hundreds of jobs as the company plans to restructure.
CEO Jonah Peretti wrote in a memo to staff, obtained by the The Wall Street Journal, that 15 percent of employees "across the company" will be cut as the digital media company has "developed a good understanding of where we can consolidate our teams, focus in on the content that is working, and achieve the right cost structure to support our multi-revenue model."
"We are confident the changes we are making will put us on a firm foundation and allow us to invest and grow sustainably for years to come," Peretti said.
The 45-year-old told employees that a restructuring of the company "will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again," and said the changes "will allow us to be the clear winner in the market" of digital media.
BuzzFeed as a business, according to Peretti, grew into double digits, but, as he wrote, "revenue growth by itself isn't enough to be successful in the long run."
The cut to its workforce could possibly affect a reported 250 jobs of its estimated 1,500. The company last laid off employees en masse in 2017, when 100 staffers were let go.
BuzzFeed did not immediately respond to Fox News' request for comment.