Updated at 12:35 p.m. ET
BuzzFeed has announced that it plans to lay off 15 percent of its overall workforce next week. In a message to employees on Wednesday, CEO Jonah Peretti explained that although revenue has grown rapidly, “unfortunately, revenue growth by itself isn’t enough to be successful in the long run.”
“The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again,” Peretti said. “These changes will allow us to be the clear winner in the market as the economics of digital media continue to improve.”
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