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City AM
City AM
By Leah Montebello Buzzfeed will cut 12 per cent of its headcount in a desperate push to slash costs in the face of economic uncertainty. In a note written to staff, the firm said revenues had been battered by a “combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video”. “That requires us to lower our costs. Unfortunately, reducing our workforce is an essential part of cost cutting. Staff salaries are the single largest cost at the company,” the digital media business added. The company also cited its recent integration with Complex Media, which creat…
