Three of BuzzFeed News’ top editors, including their editor-in-chief Mark Schoofs, have resigned as the publisher signalled it would make cuts to its news division following the release of its Q4 2021 financials.
Also leaving is deputy news editor Tom Namaka, who announced he will join NBC News as executive editor, digital, and executive editor of investigations Ariel Kaminer.
Samantha Henig will reportedly replace Schoofs as editor-in-chief on an interim basis according to Mark Stenberg of AdWeek. She previously served as executive editor, strategy at BuzzFeed News and editorial director of audio at The New York Times.
BuzzFeed, Inc. grew their year-on-year Q4 revenue by 18% to $398m, the company announced in their fourth quarter financial results, but adjusted Ebitda declined 12% to $34.2m.
Advertising revenue grew 24% to $69.1m and content revenue grew 33% to $59.9m, but commerce revenue declined 26% to $16.7m.
The digital media company expects adjusted Ebitda losses in the range of $15m-$20m for the company overall in first quarter of 2022.
BuzzFeed said it is prepared to reduce its workforce by 1.7%, according to a report from The Wall Street Journal.
BuzzFeed previously made headlines for culling staff by 15% in 2019, which led to its workforce unionising.
The cuts will primarily impact the BuzzFeed video and Complex editorial team, with buyouts available to anyone on Investigations, Politics, Inequality, or Science with at least one year of employment at the company.
BuzzFeed went public in December of 2021; its stock price was volatile in early trading as investors weighed the guidance.
