BuzzFeed He announced to his employees this Thursday that he has decided to shut down BuzzFeed News, the now popular news portal created more than a decade ago. one of the most influential media organizations in the new digital environment.
The move is part of a larger plan It will reduce BuzzFeed’s headcount by approximately 15%, According to an internal message from the company’s top executive, Jonah Peretti, developed by the US network CNN and later approved by the company.
“Despite Layoffs will occur in almost all departments“We’ve determined that the company can no longer continue to fund BuzzFeed News as an independent entity,” Peretti said.
BuzzFeed, born in 2006 and basing its success on entertainment viral content such as lists, quizzes and articles, Launched the news portal in 2011since then it has operated as a media outlet in its own right.
While BuzzFeed News has made a huge impact and is known for its Pulitzer Prize, it has never been profitable and has recently personal discount to limit these losses.
Peretti admitted that he made mistakes in his message. management of that journalism project and overinvestment without guaranteeing the profitability of the business.
As he explained, BuzzFeed will henceforth continue its work in the news space. huffpostThe digital medium he bought in 2020.
He also said that both BuzzFeed and HuffPost will offer jobs to many. Employees affected by the closure From BuzzFeed News.
The point-of-sale closure is part of a plan that will mean layoffs in news teams. Business, Content, Technology and Management, As well as some cuts in some international markets where the company is located, although Peretti does not specify in which countries.
BuzzFeed listed, NYSE, It fell more than 20% on Wall Street after the news broke.
In a communication with the stock market regulator, the company reported that the layoffs would cost it. Between $7 and $11 million.