BuzzFeed is slashing its workforce on the heels of the digital media company’s deal to sell a controlling ownership stake to entrepreneur and comedian Byron Allen.

The company disclosed that it is laying off about 35% of its current employees and contractors. “The reduction in workforce plan is intended to advance the Company’s path towards profitability and positive cash flow generation by streamlining its organizational structure, optimizing operating expenses, and preserving cash,” BuzzFeed said in an SEC filing Monday.

BuzzFeed estimates it will incur between $6.5 million to $8.5 million in charges related to the job cuts, expected to recognized primarily in the third quarter of 2026. With the layoffs, the company said, it expects to realize annualized savings of $29 million-$32 million.

As of Dec. 31, 2025, BuzzFeed had 507 employees located across five countries.

Under the terms of BuzzFeed’s agreement with Allen, his company a 52% stake in the company for a total purchase price of $120 million. The transaction was funded with $20 million in cash at closing and a $100 million promissory note due five years from closing, accruing interest at 5% annually.

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