Buzzfeed UK Faces Imminent Collapse

Buzzfeed UK under threat of collapse

Buzzfeed UK is facing imminent collapse with over a third of its staff being made redundant amid falling revenues and audience figures. 

Staff were told on Thursday that Buzzfeed would be cutting at least 45 roles as the disreputable outlet massively downsize the operation in the hope of saving it from bankruptcy.

Telegraph.co.uk reports: Of the 76 journalists at the bureau, 23 are said to be facing redundancy.

It comes just over a week after Buzzfeed tabled plans to cut around 20 roles in London, out of a global reduction of 100.

At the time, staff were told that the organisation was looking to bring in new commercial staff with wider experience.

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Buzzfeed, which was backed by Comcast’s NBC Universal, investing $400m (£300m), had been expected to float next year, though the prospect of this has faded recently.

Last month, reports emerged that it had missed its $350m global revenue goal by up to 20pc in its most recent financial year and last year the UK business posted a £3.5m loss despite doubling revenue to £20.5m.

Buzzfeed has been attempting to turn around its fortunes, amid rising competition from technology giants in the digital advertising market, announcing plans to sell digital advertising on its websites and apps.

However, according to analysis by Comscore, traffic to its site has fallen from 13m unique views at the start of 2015 to 10.3m in October this year.

Buzzfeed did not respond to requests for comment.