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BuzzFeed tells employees it will lay off 15% of staff

Employees working at BuzzFeed
Employees at BuzzFeed's New York headquarters. Photo: Drew Angerer via Getty Images

BuzzFeed will lay off 15% of its staff, or about 250 employees, according to an internal memo first reported by the Wall Street Journal and confirmed by Axios.

Why it matters: Like other venture capital-backed digital media companies, BuzzFeed has struggled to increase revenue to meet growth expectations, although sources tell Axios that the company is profitable.

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