BuzzFeed reportedly plans to cut most employee salaries, as coronavirus eats into advertiser spending. The move is intended to avoid the need for layoffs down the road by Noah_Kirsch
, which first reported the news, employees making less than $65,000 per year will be paid 5% less for the months of April and May.
Employees making between $65,000 and $90,000 per year will take a 7% cut, while executive pay will fall 14% to 25%. Jonah Peretti, BuzzFeed’s CEO, said in an internal memo that he “will not be taking a salary until we are on the other side of this crisis.” The company is also looking to save on overhead by reducing new hires and travel, among other measures. More than 100 million Americans are under guidance to stay at home as the COVID-19 virus spreads across the country. That has dramatically increased news consumption. Many outlets—from local papers like theto national TV stations like CNN—report that their audiences have more than doubled.
of workers. Motivated in part by that situation, BuzzFeed News employees voted to unionize in February 2019.
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