BuzzFeed is reportedly poised to shed a third of its UK employees as part of an ongoing global redundancy drive, with the news coming amid a failure to meet revenue targets.
In the UK BuzzFeed slumped to a £3.3m loss despite efforts to shore up its flagging fortunes, and according to a report in the Telegraph the firm told employees earlier this week that it was proposing to cut 45 roles across its commercial and editorial operations.
Of the 76 journalists at the young company, 23 are believed to be facing redundancy.
BuzzFeed, which employees 140 people in London, has yet to comment on the reports.
The comes in the midst of ongoing efforts from the media firm to diversify its revenue streams outside of native advertising. In August, it dropped its longstanding opposition to conventional digital banner ads in a bid to make it less reliant on driving traffic to promoted posts.
Rival platform Mashable is pursuing its own round of cuts with new owner Ziff Davis keen ...
