time slot

BuzzFeed is cutting roughly 35% of its workforce in its first major restructuring since media mogul Byron Allen bought a majority stake in the firm two months ago.

The layoffs, outlined in a Securities and Exchange Commission filing on Monday, will affect about 180 staff and contract positions across BuzzFeed and its sister brands HuffPost and Tasty.

“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible,” BuzzFeed’s leadership team said in the memo. “Unfortunately, the elimination of certain roles is still required.”

The company, which maintains a Hollywood office, said the changes are necessary to “put our business on a path to profitable and sustainable growth.”

This restructuring comes after the millennial-focused media company, best known for quirky video content and online quizzes, sold a majority stake to Allen in May in exchange for $20 million in cash and a $100 million promissory note. Allen also became chairman and chief executive of the company.

Through the restructuring, BuzzFeed’s leaders said, the company will aim to grow its audience and bolster its positon in free streaming content.

The BuzzFeed purchase is the latest in a series of business moves Allen has made in recent years to build his entertainment empire. The former stand-up comedian recently purchased a portion of CBS’s late-night block earlier this year, taking over the time slot for the 2026-2027 season. The slot once belonged to “The Late Show with Stephen Colbert,” which was canceled last year and aired its final episode in May.

Allen’s company holds a slate of network-affiliate stations and owns the Weather Channel network. The company bought a 10.7% stake in cable channel Starz for $25 million in March.

Allen could not be reached for a comment on the new layoffs at BuzzFeed.

In its own statement, BuzzFeed said “We are extremely fortunate that Byron has enormous confidence in our management team and moved very quickly to reposition this company and unlock its value.”

BuzzFeed was founded in 2006. The website became known as a pop culture hub, where readers could indulge in the latest celebrity gossip or discover a unique cooking recipe. But over the years, the company has declined and faced mounting financial struggles. BuzzFeed reported a $15-million net loss in the first quarter of the year. The company generated $31.6 million in revenue, a 12.4% decline compared to the year-ago period. Ad revenue fell nearly 20% year-over-year to $17.1 million. However, content revenue grew roughly 69% to $7.5 million. The company is expected to release its second-quarter results Aug. 4.

Times Staff Writers Meg James and Stacy Perman contributed to this report.

LA28 reserved the first Olympic tickets for locals. To kick off the second round of ticket sales, it’s a sponsorship connection that could help fans get to the front of the line.

Before the second Olympic ticket drop officially begins Aug. 10, LA28 announced Wednesday there will be a presale for Visa cardholders that will run from July 29-31.

Visa has sponsored the Olympics for 40 years and is the only credit card accepted for payment in Olympic zones. For a chance to be selected for the presale, fans need to first confirm their status as a Visa cardholder. Fans who have already registered can log into their existing LA28 ticket account, check the “Visa presale box” and save changes. New registrants must select the Visa cardholder option during the registration process. All ticket sales during the presale must be completed with a Visa credit card.

Fans can register for the second ticket drop at tickets.la28.org until July 22. Those who already registered for Drop 1 but weren’t selected or didn’t purchase their full 12-ticket allotment do not have to sign up again and are automatically entered into the lottery for Drop 2, which will run from Aug. 10-20.

Fans who are randomly selected for the Visa presale will be notified of their time slot on July 27. Those who aren’t selected for the presale remain eligible for a time slot in Drop 2. Email notifications for Drop 2 time slots will go out from Aug. 6-7.

The second ticket drop will offer tickets across all Olympic sports at a range of price points, LA28 said in a statement, subject to inventory availability. Prices start at $28 for individual tickets, but of the total 1 million $28 Olympic tickets, half were scooped up during the Drop 1 presale that was reserved for locals living near venue cities in Southern California and Oklahoma City.

April’s ticketing debut frustrated fans who were surprised by high prices, a 24% service fee on every ticket and limited inventory for key events. Still, LA28 sold 4 million tickets across 85 countries, a historic number that had International Olympic Committee officials giddy for the potential of the 2028 Games.

“What we thought we were going to sell, and what we thought we were going to get for people who registered for interest, we exceeded those by magnitudes,” LA28 Chief Executive Officer Reynold Hoover told The Times on June 4 after IOC members visited L.A. “We were able to set Olympic records in terms of sale, but I think the broader picture about all of that is people want to be a part of something really big and be part of something here in L.A., a part of history.”

LA28, the organizing committee behind L.A.’s first Olympics in 40 years, expects to generate $2.5 billion in ticketing and hospitality to support what has been advertised as a privately funded Games. The estimated $7.1-billion operations budget is also buoyed by $2.5 billion in expected sponsorship revenue. LA28 already has $2 billion in domestic partnership money.