Update2: BuzzFeed CEO Jonah Peretti says that he is willing to re-evaluate compensation issues for laid-off staff.

I’ve already agreed to meet with the staff council to discuss and indicated I’m willing to re-evaluate. I get that people might want a different policy but for NYC based companies this is very common and we looked at the total severance consideration and it was fair. — Jonah Peretti (@peretti) January 28, 2019

Update: BuzzFeed has responded the the Medium open letter. Note that everyone got a minimum of 10-weeks severance.

BuzzFeed management responded internally tonight to the Medium open letter signed by 350 employees demanding that the company pay out earned time off: “We are open to re-evaluating this decision...” pic.twitter.com/llci0v08Bi — Jeremy Barr (@jeremymbarr) January 28, 2019

Recently fired BuzzFeed employees are demanding to be paid accrued vacation and sick time, also known as Paid Time Off (PTO), after the news site laid off 15% of its workforce last week - more than 200 people.

BuzzFeed CEO Jonah Peretti

In an open letter written to CEO Jonah Peretti, Editor-in-Chief Ben Smith, and "Chief People Officer" Lenke Taylor, the BuzzFeed News Staff Council writes that "BuzzFeed is refusing to pay out earned, accrued, and vested paid time off for almost all US employees who have been laid off," noting that the company is only doing so for California employees, where paying out accrued PTO is state law.

Shout out to my unused *140 hours* of PTO that won’t be paid out 😣 — whomst is she? (@the_rewm) January 26, 2019

So far more than 350 current and former BuzzFeed employees have signed the letter.

"Every aspect of the way that these layoffs have been handled so far — from communication to execution to aftermath — has been deeply upsetting and disturbing, and it will take a long time to repair the damage that has been done to our trust in this company," continues the letter.

This is paid time that employees accrued by choosing not to take vacation days, and instead do their work at BuzzFeed. Many of the employees who have been laid off had the most difficult jobs in terms of scheduling — such as the breaking and curation teams on BuzzFeed News who regularly worked weekends and holidays, or managers who weren’t able to use vacation time because they were expected to be available to their teams. They saved up those days (or weeks) because they were so dedicated to their work, and, in some cases, felt actively discouraged from taking time off. They have as much of a right to those days as anyone else. For many people, paying out PTO will be the difference between whether or not bills and student loans will be paid on time and how their families are supported. It is unconscionable that BuzzFeed could justify doing so for some employees and not others in order to serve the company’s bottom line. -BuzzFeed News Staff Council

Despite taking in $400 million from NBC Universal since 2015 out of $500 million total, BuzzFeed can't seem to right the ship. On Friday, Recode reported that BuzzFeed and Group Nine - a digital publisher, are looking to merge.

Speculation about a tie-up between the two companies has been bubbling in the media industry for months, and sources familiar with both companies say the two have indeed been discussing a merger. The two companies aren’t close to a finalized deal and may ultimately find different partners. If there is a merger, sources say, it won’t happen imminently. -Recode

As noted last week by the Wall Street Journal, there has been growing pressure in the online publishing and digital advertising space - as news outlets are competing with Google and Facebook. Other industry moves include the $5 million sale of online publisher Mic to women-focused publisher Bustle Digital Group, and the layoff of 10% of Lifestyle-focused publisher Refinery29's workforce.

The Huffington Post, meanwhile, laid off 20 reporters as part of 7% reduction in Verizon's Media Group workforce, which also includes Yahoo and AOL.

Gannett - the nation's largest newspaper chain (and owner of USA Today) also had layoffs last week.

In response to the job cuts, President Trump blasted the "one-sided Fake Media coverage" and "bad journalism," predicting "many others will follow."