BuzzFeed News, which earned as reputation as a scrappy news-breaking digital rival to legacy media brands, is shutting down.
Jonah Peretti, the CEO of BuzzFeed, announced to staffers in a memo on Thursday that they will concentrate their news efforts on HuffPost, “a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms.” He said that some BuzzFeed employees may find roles at HuffPost and BuzzFeed.com.
Parent company BuzzFeed bought HuffPost from Verizon Media in 2020. Peretti also said that BuzzFeed is reducing its workforce by 15%, and begin discussions with the NewsGuild about the cutbacks.
The layoffs and decision to shut down BuzzFeed News mark the latest upheaval in news media, particularly among some once high-flying stars in the digital space, which is experiencing a pullback in advertising revenue.
Read more on deadline.com
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