2023-04-20 21:05:00
BuzzFeed News will close as part of a cost-cutting plan, the group’s management announced on Thursday, thus sealing the demise of a major figure in free online news.
BuzzFeedFoto: Jason DeCrow / AP / Profimedia
“Today we are reducing our workforce by approximately 15% (…) and beginning the process of shutting down BuzzFeed News,” the news arm of the entertainment website BuzzFeed.com, BuzzFeed co-founder and chief executive Jonah Peretti wrote , in a memo to staff.
“Layoffs are happening in almost every division” and “we have determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” he added.
The 15% headcount represents about 180 employees for BuzzFeed, which has about 1,200 employees. BuzzFeed shares fell about 20% on Thursday in New York after the announcement.
According to the group’s management, “a certain number of positions” will be opened within BuzzFeed.com and “HuffPost”, a direct competitor acquired by BuzzFeed in 2020.
“Going forward, we will have a single news brand, HuffPost, that is profitable and has a loyal direct audience on the homepage,” added Jonah Peretti.
– Pulitzer Prize –
Launched in 2006, BuzzFeed is considered the benchmark for the new generation of news sites, promoted primarily on social media and building their business model almost entirely on .
BuzzFeed News, an exclusively news and investigative arm, took off in a second phase and had about 60 employees.
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