BuzzFeed cuts 16% of its remaining staff

BuzzFeed Inc. sold its pop-culture site Complex Networks media unit to Commerce Media Holdings, the operator of an online shopping service, for $108.6 million and announced plans for a 16% cut in its remaining workforce.

• BuzzFeed owns its namesake outlet, HuffPost and First We Feast, known for the popular YouTube show “Hot Ones”. BuzzFeed acquired HuffPost from Verizon Media in Feb 2021.
• The sports and entertainment publishing company Complex was acquired for $300 million as part of the SPAC merger in Dec 2021, expanding the staff to 1,400.

The job cuts are expected to result in annual savings of $23 million, BuzzFeed said Wednesday in a statement. Proceeds from the sale of Complex will be used to reduce debt. Commerce Media does business as NTWRK.