BuzzFeed News is closing its doorways this week.
BuzzFeed Inc. CEO Jonah Peretti made the announcement Thursday that the information division of the corporate can be shutting down.
“While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” he stated.
The transfer is a part of bigger cuts throughout all of BuzzFeed, with the corporate trying to fireplace 15% of its workers.
The CEO stated among the fired staff may be capable of safe roles at HuffPost, which the corporate acquired in 2020. Mr. Peretti stated HuffPost has devoted readers and is worthwhile, whereas BuzzFeed News will not be.
While Mr. Peretti stated the financial system contributed to the choice to shut BuzzFeed News, he admitted his decisions damage the corporate.
“I also want to be clear: I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances,” Mr. Peretti stated. “I made the decision to overinvest in BuzzFeed News because I love their work and mission so much.”
The CEO additionally stated he plans to debate what the firings imply for NewsGuild union members who will likely be let go.
Since launching in 2012, BuzzFeed News has commanded vital respect within the trade, particularly after securing a Pulitzer Prize in 2021 for its reporting on the Chinese authorities’s internment of Muslims.
Content Source: www.washingtontimes.com