By Laura Hazard Owen, NiemanLab Associate Editor

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This guest post was originally published in English on IJNet . It is brought to you as part of an editorial partnership between IJNet and Meta-Media. © [2019] All rights reserved.

BuzzFeed is cutting about 15 percent of its global denmark mobile database workforce, or about 220 jobs, the Wall Street Journal reported . BuzzFeed CEO Jonah Peretti confirmed the move to his staff on Wednesday.

Even though BuzzFeed reported about $300 million in revenue in 2018 , according to the Wall Street Journal, Peretti said, " Revenue growth alone is not enough to succeed in the long term . The restructuring we are undertaking will reduce our costs and improve our operating model so that we can grow and control our own destiny , without ever needing to raise new capital ."

(Undoubtedly, it would be difficult to organize another round of fundraising (a) in an environment where investors have lost all hope of a multiple exit (b) and would certainly require a significant drop in valuation from the $1.7 billion raised in 2016.)

BuzzFeed had already laid off 100 employees in late 2017. Late last year, the company launched a membership program for its news content — in what was seen by some as an unusual mix of public radio-style fundraising and venture-backed business.