BuzzFeed Cuts 180 Jobs After Stock Plunges
The layoffs, roughly a third of staff, followed a 38% share drop after the company's third-quarter earnings report.
Updated on Nov. 14, 2026 in Media
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BuzzFeed laid off 180 people, a third of its staff, roughly two months after a company affiliated with Byron Allen's family bought a majority stake in May 2026. Shares fell 38% in one morning to $0.57 following a third-quarter earnings report that missed analysts' expectations by 13 cents per share.
Why it matters
The cuts and share decline come after BuzzFeed expressed substantial doubt about its ability to continue operating in March 2026, and after the company reported a $57.3 million net loss in 2025. The company's decline followed its embrace of artificial intelligence, adopted in 2023 as an attempt to compete with YouTube as a free video streaming platform.
BuzzFeed shares dropped 38% to $0.57 from $2.09 earlier this year after a third-quarter loss of $0.22 per share missed analysts' expectations by 13 cents. The company disclosed a $57.3 million net loss in 2025, and it is unclear from the available reporting how the 180 layoffs will affect ongoing operations.
The players
BuzzFeed
BuzzFeed is a digital media company known for viral news, entertainment and video content, which has been expanding its artificial intelligence efforts since 2023.
Jonah Peretti
Jonah Peretti is the founder and longtime chief executive of BuzzFeed, who took on the role of president of BuzzFeed AI after the majority stake deal.
Byron Allen
Byron Allen is an American media entrepreneur who runs Entertainment Studios, a company that acquired a majority stake in BuzzFeed through an affiliated family entity.
The details
BuzzFeed laid off 180 people, a third of its staff, roughly two months after the May 2026 majority stake purchase, according to The New York Times. The cuts followed the company's third-quarter report, which triggered a one-morning share drop.
Timeline
2023: BuzzFeed adopted AI after OpenAI introduced ChatGPT.
March 2026: BuzzFeed expressed substantial doubt about its ability to continue doing business.
May 2026: A company affiliated with Byron Allen's family bought a majority stake in BuzzFeed.
Roughly two months after May 2026: BuzzFeed laid off 180 people.
Market Landscape
BuzzFeed's 2023 pivot to AI after OpenAI released ChatGPT mirrors a wave of digital publishers that tried to use generative tools to compete for audience attention. The 38% share collapse and 180 layoffs show how sharply that strategy has tested the financial position of smaller media companies.
For BuzzFeed content consumers, the layoffs and the company's stated doubt about continuing operations raise questions about the future availability of its news and entertainment offerings. Readers who rely on the site for news should monitor company announcements, since the reporting does not establish how the cuts will affect output.
The takeaway
Digital publishers that bet heavily on generative AI can face rapid financial strain when that bet fails to produce revenue. Readers and investors should watch for how media companies report AI spending alongside their core business results.
Further reading
Explore more on the Media business beat for context on how digital publishers are handling the shift toward artificial intelligence.
Source note: This article includes information reported by The Cool Down.
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