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Inside BuzzFeed headquarters in New York City. Photo: Drew Angerer via Getty Images

Employees at BuzzFeed News announced Tuesday they have voted to unionize with the NewsGuild of New York, claiming in a statement that they have "legitimate grievances about unfair pay disparities, mismanaged pivots and layoffs, weak benefits, skyrocketing health insurance costs, diversity and more."

Why it matters: This comes weeks after the company laid off more than 220 employees, or roughly 15% of its workforce, including jobs within its news division. It is a huge blow to BuzzFeed's leadership, which has in the past suggested that it could be a better advocate for employees than a union could be.

  • The lay-off process proved that may not be the case. Employees had to fight to be compensated for their earned paid time off after being fired. Leadership eventually caved, but the fight presented bad optics for BuzzFeed executives.

BuzzFeed News Editor-in-Chief Ben Smith said in a statement: "We look forward to meeting with the organizers to discuss a way toward voluntarily recognizing their union."

The big picture: Many media companies have unionized over the past few years in response to a rocky media landscape. Vox Media, Slate, Thrillist, New York Media and many other digital media sites have all voted to unionize over the past year.

Go deeper

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.

4 hours ago - Health

Moderna says COVID vaccine shows strong immune response in kids

Photo: Martin Galindo/Long Visual Press/Universal Images Group via Getty Images

Moderna on Monday released trial results for its coronavirus vaccine for children aged 6 to 11, saying it provides a "robust" immune response after two doses.

Why it matters: Moderna said it will officially submit the results to the Food and Drug Administration for authorization in "the near term," meaning we could soon see two coronavirus vaccines available to protect approximately 28 million more kids in the U.S.