BuzzFeed News is shutting down
BuzzFeed Inc., the global digital media company known for its engaging and entertaining content, has announced the closure of BuzzFeed News, its standalone news entity. The decision was made as part of a larger 15% reduction in the company's workforce, according to an email from CEO and co-founder Jonah Peretti that was shared with NBC News.
Peretti explained that while layoffs were taking place in nearly every division, BuzzFeed News would no longer be able to operate independently due to a lack of funding.
Despite his deep admiration for the team and their mission, Peretti said he had overinvested in BuzzFeed News and was slow to accept that major social media platforms would not provide the necessary financial support for premium, free journalism. He also admitted to failing to prioritize profitability within the news division.
Going forward, BuzzFeed will focus on HuffPost, which it acquired in 2020, and has a strong and profitable direct front-page audience.
Affected BuzzFeed News employees will have the opportunity to apply for select roles at HuffPost and BuzzFeed.com. Peretti pledged to work with the News Guild union to minimize the impact of the cost reduction plans on union members.
This decision marks a strategic shift for BuzzFeed, but the company says it remains committed to producing innovative and captivating content across its various platforms.