BuzzFeed is shedding 15 percent of its staff as it also deals with the backlash to its reporting on special counsel Robert Mueller’s federal Russia investigation, according to a report.
About 250 jobs will be affected by the shakeup as the business shifts toward content-licensing and e-commerce, the Wall Street Journal reported Wednesday. The change in strategy is aimed at increasing its profit margins ahead of a possible merger and as a way to skirt the need to raise money again. Before its last funding push in 2016, the outlet was valued at about $1.7 billion.
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