BuzzFeed shutting down news division, cutting 15 per cent of staff across other teams
BuzzFeed, the iconic American company that ushered in a new era for digital media, is shuttering its news division and cutting roughly 15 per cent of its total workforce, in what its founder and CEO Jonah Peretti described as “deeply painful decisions” after several challenging years for the organization.
“I regret that I 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,” Peretti wrote in the memo. “Our mission, our impact on culture, and our audience is what matters most, but we need a stronger business to protect and sustain this important work.”
Peretti did note that some BuzzFeed News employees may be offered roles at HuffPost. A source within the company who wasn’t authorized to speak on record added that the company will now concentrate its efforts on HuffPost, the organization’s only profitable news organization. “There’s no denying that 2022 was a tough year for digital media. The challenges we faced in Q4 are also impacting us in Q1 2023, and it is clear we have more work to do to realize the full potential of our combined brand portfolio,” said Peretti in a statement when the financial results were first announced.
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