The CEO of Buzzfeed announced on Thursday that the liberal media platform that published the fake Trump pee dossier paid for by the Hillary Clinton campaign is shutting down. They are no more.
Buzzfeed News announced on Thursday that it will be shutting down, resulting in the departure of CRO Edgar Hernandez and COO Kate Baesler, as well as several layoffs.
In an email sent by Buzzfeed CEO Jonah Peretti, he mentioned that the company would be reducing its workforce by approximately 15% across various teams such as Business, Content, Tech, and Admin. The email also stated that Buzzfeed News would be closed down while headcount reductions would be proposed in some international markets.
Peretti went on to say that Marcela Martin, President, would be responsible for all revenue functions moving forward. Despite layoffs happening in almost every division, Peretti explained that the company could no longer continue to fund Buzzfeed News.
As a result, select roles for members of Buzzfeed News would be opened by HuffPost and Buzzfeed Dot Com, but these roles would need to align with the divisions’ business goals and match the skills and strengths of the editors and reporters.
The CEO also stated that the decision to shut down the news branch of the company came about due to several factors, including the pandemic, a fading SPAC marked, a tech recession, a tough economy, a declining stock market, and ongoing audience and platform shifts. These obstacles have made it necessary to make difficult decisions to eliminate more jobs and reduce spending.
Peretti wrote that the integration process of Buzzfeed and Complex should have been executed faster and better. The macro environment is challenging, but Buzzfeed had the potential to generate much more revenue than it delivered over the past year.
The CEO admitted that he had invested too much in Buzzfeed News because of his love for their work and mission, and that he didn’t hold the company to higher standards for profitability. Despite this, Peretti assured employees that they had exhausted many cost-saving measures to preserve as many jobs as possible.
This is a breaking story, and updates will be provided as they become available. The closure of Buzzfeed News is undoubtedly a significant blow to the journalism industry, as it marks the end of an era for digital media. However, Buzzfeed’s decision to shut down the news branch of the company is a necessary step to ensure the long-term sustainability of the company. While layoffs are never easy, Buzzfeed’s management team has worked tirelessly to preserve as many jobs as possible, while also ensuring the company’s future success.
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That is what I think
This is a necessary step by Buzzfeed for the long-term sustainability of the company. Despite the layoffs, the management team has worked tirelessly to preserve as many jobs as possible while ensuring the company’s future success.
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