BuzzFeed jumps on plan to reduce 35% of workforce

** Shares of digital media firm BuzzFeed BZFD.O jump 7% to $1.21 in premarket trading

** The company approved a plan to reduce its workforce by nearly 35%, according to an SEC filing.

** BuzzFeed estimates restructuring charges of between $6.50 million and $8.50 million, with annualized savings between $29 million and $32 million starting in Q3.

** The workforce reduction comes after media mogul Byron Allen bought a majority stake in BZFD in May.

** Up to the last close, BZFD is up 21.4% year to date.