BuzzFeed's stock hits all-time low after latest layoffs
- Kerry Flynn, author of Axios Pro: Media Deals


BuzzFeed's stock hit a new low of $1.06 Tuesday after announcing layoffs of 12% of its workforce, about 180 staffers.
Why it matters: The digital media darling's move to go public via SPAC, exactly a year ago Tuesday, and merge with Complex Networks continues to serve as a cautionary tale for its peers.
Details: In a regulatory filing Tuesday, BuzzFeed disclosed workforce reduction was a cost-cutting move in response to three factors:
- "Challenging macroeconomic conditions"
- "Eliminating redundancies" with Complex
- "Ongoing audience shift to short-form, vertical video"
Flashback: This move is the latest in a series of cuts at BuzzFeed. It offered voluntary buyouts to about one-third of the 100 news division employees earlier this year.
Zoom out: It's been a bleak quarter for media. CNN laid off hundreds of employees. Gannett cut about 200 staffers. AMC Networks' 20% reduction plan also amounts to 200 employees. Protocol and The Recount are shuttering.