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BuzzFeed plans to cut 84 New York jobs under new owner Byron Allen

BuzzFeed plans to cut 84 New York jobs under new owner Byron Allen

Money Moves New York, NY local

The filing is the first major workforce cut since Allen bought the company for $120 million in May

July 27th, 2026: BuzzFeed Media Enterprises files WARN notice for 84 New York layoffs

Overview

Updated 41 minutes ago

BuzzFeed's new owner is cutting 84 jobs in New York. BuzzFeed Media Enterprises filed a WARN notice with state regulators on July 27, listing the affected workers and signaling the company's intent to shrink its workforce.

The cuts come two months after Byron Allen's family office completed its $120 million purchase of BuzzFeed, a steep fall from the $1.5 billion valuation the company fetched when it went public via a special-purpose acquisition company in 2021. Allen, a TV mogul with a sprawling media empire, has said little about his plans for the viral-content company he now controls.

Why it matters

BuzzFeed's latest job cuts show how a once-$1.5 billion digital media star now operates on a $120 million budget under new owner Byron Allen.

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Key Indicators

84
Workers affected by layoff notice
BuzzFeed Media Enterprises lists 84 affected employees in its New York WARN filing.
$120M
Purchase price paid by Byron Allen
Allen's family office completed the acquisition on May 27, 2026.
$1.5B
BuzzFeed's 2021 SPAC valuation
The company went public at this valuation in late 2021.
925
Employees as of December 2023
BuzzFeed's headcount at the end of 2023, per its annual report.

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People Involved

Organizations Involved

Timeline

November 2006 July 2026

7 events Latest: July 27th, 2026 · 2 months ago
Tap a bar to jump to that date
  1. BuzzFeed Media Enterprises files WARN notice for 84 New York layoffs

    Latest Layoffs

    The subsidiary notifies New York state of 84 affected workers, signaling post-acquisition cost cuts.

  2. Byron Allen completes $120 million purchase; Peretti steps down

    Acquisition

    Allen's family office takes control, installing Allen as chairman and CEO.

  3. Company reveals liquidity issues and strategic talks

    Financial

    BuzzFeed says it is burdened by legacy commitments and considering options to relieve liquidity problems.

  4. BuzzFeed shuts down BuzzFeed News, laying off about 180

    Restructuring

    The award-winning newsroom closes after years of losses; focus shifts to HuffPost.

  5. Peretti announces a pivot to AI-generated content

    Strategy

    The founder says AI would replace most static content on the website, a sign of financial strain.

  6. BuzzFeed goes public via SPAC at $1.5 billion valuation

    IPO

    The company debuts on Nasdaq through a special-purpose acquisition company, peaking in value.

  7. Jonah Peretti founds BuzzFeed in New York

    Founding

    The company starts as a viral content tracking site, later expanding into quizzes, listicles, and news.

Scenarios

1

BuzzFeed stabilizes and returns to profitability

Possible Resolves by End of 2027

Discussed by: Allen's public statements about building profitable media assets

Allen integrates BuzzFeed's ad sales and content into his broadcast and digital portfolio, uses the layoff as part of broader cost reduction, and returns the company to operating profitability. The stock, trading far below its 2021 debut, would need to reflect a turnaround in earnings.

2

Allen sells off BuzzFeed assets or cuts deeper

Likely Resolves by Q2 2027

Discussed by: Restructuring analysts and the company's March 2026 disclosure of liquidity problems

The 84-person layoff is one step in a broader restructuring. Allen sells or closes a major BuzzFeed division, like HuffPost or Tasty, or announces another round of cuts exceeding 100 people. The pattern mirrors how Allen has integrated past acquisitions.

3

BuzzFeed exits the public market or files for bankruptcy

Possible Resolves by End of 2027

Discussed by: The company's history of declining market value and prior SPAC failures

Continued losses push Allen to take BuzzFeed private or file for Chapter 11. The stock has traded far below its 2021 debut, and the company's market value had already fallen to roughly $37 million by 2024. A going-private deal or bankruptcy would end BuzzFeed's run as a public company.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

May 2023

Vice Media bankruptcy (2023)

Vice Media, once valued at $5.7 billion, filed for Chapter 11 bankruptcy in May 2023 after a decade of rapid expansion and mounting losses. The edgy digital publisher had raised hundreds of millions from investors betting on video and youth audiences.

Then

The company was sold to its creditors, including Fortress Investment Group, and later shut down its news division.

Now

Vice's collapse became a symbol of the digital media shakeout, as ad dollars fled to platforms like Google and Meta.

Why this matters now

BuzzFeed's fall mirrors Vice's: a venture-backed digital publisher that rode the viral-content wave, lost money as platform algorithms changed, and ended up sold or broken up at a fraction of its peak value.

April 2017

Mashable's cut-rate sale (2017)

Mashable, a digital publisher that hit a reported $250 million valuation in 2016 fundraising, was sold to Ziff Davis for roughly $50 million less than a year later. Founder Pete Cashmore had grown it from a personal blog into a tech news site.

Then

Ziff Davis absorbed Mashable into its media network and laid off much of the editorial staff.

Now

The sale became a cautionary tale about digital media valuations, as revenue concentrated in Facebook and Google.

Why this matters now

Like Mashable, BuzzFeed saw its valuation collapse from billions to a nine-figure price, and landed under a media conglomerate that cut staff to make it profitable.

Sources

(3)