BREAKING: BuzzFeed News to shut down
division as part of wider layoffs across the company, CEO Jonah Peretti revealed in a memo Thursday morning.The venerated news division, despite winning multiple awards including a Pulitzer Prize, has long been challenged to become profitable.“We are reducing our workforce by approximately 15% today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News,” Peretti wrote in the memo, which was obtained by Axios.
Peretti continued: “I made the decision to overinvest in BuzzFeed News because I love their work and mission so much. This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.”BuzzFeed and HuffPost will offer roles to some BuzzFeed News staffers
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