BuzzFeed News Will Shut Down Due to Layoffs
BuzzFeed News will be forced to shut down due to broader layoffs, CNN reported.
The company was looking to cut 15% of its workforce as part of broader layoffs across BuzzFeed, according to BuzzFeed chief executive Jonah Peretti. Due to these layoffs, BuzzFeed will be forced to shut down completely.
Peretti announced, “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization.”
For the employees laid off, they may be able to find jobs at Huffington Post, which BuzzFeed acquired in a deal in 2020. Peretti also said there would be a select number of roles at Buzzfeed Dot Com.
“Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” Peretti added.
Pulitzer Prize-winning digital media company BuzzFeed will shut down its news division as it cuts about 15% of its entire staff. The company will now have one remaining news brand, HuffPost. https://t.co/6Pxc2d2WAG
— The Associated Press (@AP) April 20, 2023
The journalism field has faced downsizing and layoffs across the country. While some of it can be attributed to the post-pandemic economy, journalism has also struggled to maintain relevance in a society of misinformation and distrust in news.
Peretti attributed BuzzFeed‘s downfall to a combination of the economy and his failure as a CEO. “I made the decision to overinvest in BuzzFeed News because I love their work and mission so much,” he stated. “This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.”
He regretted that he didn’t “hold the company to higher standards for profitability, to give us the buffer needed to manage through economic and industry downturns and avoid painful days like today.”
Andrew Tate and his brother Tristan Tate tweeted at BuzzFeed on April 20, asking if it was for sale and reportedly offering to buy the company.
Hey @BuzzFeed are you for sale?
— Tristan Tate (@TateTheTalisman) April 20, 2023
Me and @Cobratate are interested.
Although its news division is shutting down, BuzzFeed will still operate out of Huffington Post. Follow their Twitter for more news updates.
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