Two months after Byron Allen closed his purchase of BuzzFeed, the online publisher said it plans to cuta hefty 35% of staff and dedicated contractors across its brands.

“The reduction in workforce plan is intended to advance the company’s path towards profitability and positive cash flow generation by streamlining its organizational structure, optimizing operating expenses, and preserving cash,” BuzzFeed said in an SEC filing Monday.

Allen’s family office acquired 51% of the outstanding shares of publicly traded BuzzFeed, parent of HuffPost, in a deal worth $120 million. Allen is chairman and CEO. Founder Jonah Peretti transitioned to a new role as President of BuzzFeed AI.

“Today we are making important changes to BuzzFeed that are required to put our business on a path to profitable and sustainable growth,” said a memo to staff from the BuzzFeed Leadership Team.

“We’ve been actively managing costs for some time, working through scenarios to save as many jobs as possible. Unfortunately, the elimination of certain roles is still required. Today’s changes include the elimination of positions across the entire company,” read the memo obtained by Deadline.

Get our Breaking News Alerts and Keep your inbox happy.

Comments On Deadline Hollywood are monitored. So don't go off topic, don't impersonate anyone, and don't get your facts wrong.

Δdocument.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );