BuzzFeed, Inc. (NASDAQ: BZFD) announced a plan to reduce its workforce by approximately 35%, affecting employees and dedicated contractors across various geographies and functions.

The company's Board of Directors approved the reduction in workforce plan on July 22, 2026, with the stated goal of reducing operating expenses, streamlining its organizational structure, and moving toward profitability and positive cash flow generation.

BuzzFeed expects to incur restructuring charges of between $6.5 million and $8.5 million, primarily in the third quarter of 2026, covering severance, outplacement services, and benefits continuation. The majority of these charges are expected to be paid in cash by the end of the fourth quarter of 2026.

The company estimates the plan will generate annualized savings of approximately $29.0 million to $32.0 million, beginning primarily in the third quarter of 2026.