BuzzFeed shuts down its news division BuzzFeed News amidst wider restructuring efforts

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BuzzFeed is shutting down its BuzzFeed News division, one of its most respected media outlets, as part of a wider effort to turn the struggling media group around and increase profits. The move follows a significant decline in the company’s value, which has plummeted by 90% since it listed in 2021.

BuzzFeed News, which won multiple awards including a Pulitzer Prize, has been a respected source of journalism in the industry, with journalists inside and outside the company expressing sadness at its closure. In a memo to staff, CEO Jonah Peretti took responsibility for the news division’s failure, citing over-investment and a reliance on social media distribution as key factors.

The parent company of media outlets BuzzFeed News, HuffPost, Complex, and Tasty will cut its workforce by 15%, affecting around 180 people. BuzzFeed News, which has around 60 staffers, will begin its shutdown immediately, with BuzzFeed and HuffPost offering roles to some of the impacted employees. Moving forward, HuffPost will become the company’s single news brand, as it has a loyal direct front-page audience and is profitable.

BuzzFeed’s downfall serves as a warning to other digital media companies and highlights the pressure facing the industry to boost revenues and manage expenses. Once a digital media darling, BuzzFeed’s decision to go public via a SPAC in 2021, and its subsequent acquisition of entertainment company Complex Networks, has led to its decline. The company was worth over $700 million at listing but now has a market value of around $100 million.

BuzzFeed’s announcement comes amid a series of mass job cuts across media over the past year, including multiple rounds of cuts at BuzzFeed and 10% of staff layoffs at digital media publication Insider on the same day. The loss of BuzzFeed News has been lamented by former and current staffers on social media, who praised the outlet’s high-quality reporting and mourned its closure.

In conclusion, BuzzFeed’s announcement to shut down its news division underscores the pressures facing the digital media industry and highlights the need for companies to boost revenues and manage expenses. The closure of BuzzFeed News is a significant loss to the journalism industry, and its downfall serves as a cautionary tale for other digital media companies.

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We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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BuzzFeed shuts down its news division BuzzFeed News amidst wider restructuring efforts

BuzzFeed is shutting down its BuzzFeed News division, one of its most respected media outlets, as part of a wider effort to turn the struggling media group around and increase profits. The move follows a significant decline in the company’s value, which has plummeted by 90% since it listed in 2021.

BuzzFeed News, which won multiple awards including a Pulitzer Prize, has been a respected source of journalism in the industry, with journalists inside and outside the company expressing sadness at its closure. In a memo to staff, CEO Jonah Peretti took responsibility for the news division’s failure, citing over-investment and a reliance on social media distribution as key factors.

The parent company of media outlets BuzzFeed News, HuffPost, Complex, and Tasty will cut its workforce by 15%, affecting around 180 people. BuzzFeed News, which has around 60 staffers, will begin its shutdown immediately, with BuzzFeed and HuffPost offering roles to some of the impacted employees. Moving forward, HuffPost will become the company’s single news brand, as it has a loyal direct front-page audience and is profitable.

BuzzFeed’s downfall serves as a warning to other digital media companies and highlights the pressure facing the industry to boost revenues and manage expenses. Once a digital media darling, BuzzFeed’s decision to go public via a SPAC in 2021, and its subsequent acquisition of entertainment company Complex Networks, has led to its decline. The company was worth over $700 million at listing but now has a market value of around $100 million.

BuzzFeed’s announcement comes amid a series of mass job cuts across media over the past year, including multiple rounds of cuts at BuzzFeed and 10% of staff layoffs at digital media publication Insider on the same day. The loss of BuzzFeed News has been lamented by former and current staffers on social media, who praised the outlet’s high-quality reporting and mourned its closure.

In conclusion, BuzzFeed’s announcement to shut down its news division underscores the pressures facing the digital media industry and highlights the need for companies to boost revenues and manage expenses. The closure of BuzzFeed News is a significant loss to the journalism industry, and its downfall serves as a cautionary tale for other digital media companies.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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