BuzzFeed will restructure its business team, resulting in layoffs of about 100 people, and the transition of the company’s president to the role of senior advisor.
Company CEO Jonah Peretti said in a memo Wednesday that BuzzFeed needed to shift away from direct advertising sales to more diverse revenue streams. The company will search for a chief operating officer with that goal in mind, Peretti wrote.
BuzzFeed News reporter Steven Perlberg first shared the memo.
New leadership would come as President Greg Coleman transitions to an advisory role. He was president for 3½ years, Peretti wrote.