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On Thursday, BuzzFeed reported that it had decided to shut down its news portal. buzz News created more than ten years ago and managed to become one of the most influential journalistic media.
The measure is part of a broader plan to reduce the workforce. buzzfeed by about 15%, according to an internal report from the company’s top manager John Peretti, provided by the American network CNN and confirmed later by the company.
“While there will be layoffs in almost every division, we have determined that the company can no longer continue to fund buzzfeed News as an independent organization,” Peretti explained.
buzzfeed
buzzfeedfounded in 2006 and based on viral content such as lists, quizzes and entertaining articles, it launched its news portal in 2011, which has been operating as an independent media outlet ever since.
Influence
Although buzzfeed The news had a big impact and went on to win a Pulitzer Prize, it never turned profitable and was recently cut in an attempt to limit those losses.
Peretti admitted in his message that he made mistakes in managing this journalistic project and overinvested without guaranteeing the profitability of the business.
As he explained, now buzzfeed He will focus his news work on HuffPost, a digital media outlet he bought in 2020.
Moreover, he said that both buzzfeed as HuffPost will offer jobs to several employees affected by the closure buzzfeed News.
closure
The carrier shutdown is part of a plan that will entail layoffs across the business, content, technology and administration teams, as well as some layoffs in some of the international markets the company operates in, though Peretti did not specify in which countries.
buzzfeedwhose shares are listed on the New York Stock Exchange, fell more than 20% on Wall Street after the news broke.
In a message to the stock market regulator, the company said the layoffs would cost it between $7 million and $11 million. (EFE)
Source: RPP
I’m a passionate and motivated journalist with a focus on world news. My experience spans across various media outlets, including Buna Times where I serve as an author. Over the years, I have become well-versed in researching and reporting on global topics, ranging from international politics to current events.