Pulitzer Prize-winning BuzzFeed News to be shut down; to focus on HuffPost [details]

In surprising information to the worldwide media trade, the Pulitzer Prize-winning information arm of BuzzFeed.com is being shut down, CEO Jonah Peretti introduced on Thursday.

The media outlet stated that it’s decreasing the workforce by roughly 15 per cent throughout enterprise, content material, tech and admin groups, and starting the method of closing BuzzFeed News.

“Additionally, we’re proposing headcount reductions in some worldwide markets,” Peretti stated in a memo to workers.

“While layoffs are occurring throughout practically each division, we have decided that the corporate can not proceed to fund BuzzFeed News as a standalone group,” Peretti stated in a memo which was shared with The Verge.

The firm would focus on HuffPost, which it acquired in 2020, as the corporate’s information model.

“Impacted staff (apart from these in BuzzFeed News) will obtain an e mail from HR shortly. If you’re receiving this word from me, you aren’t impacted by in the present day’s modifications. For BuzzFeed News, we now have begun discussions with the News Guild about these actions,” stated the CEO.

Both CRO Edgar Hernandez and COO Christian Baesler have made the choice to exit the corporate.

“We will interact with the News Guild about our price discount plans and what it will imply for the affected union members. HuffPost and BuzzFeed Dot Com have signaled that they may open various choose roles for members of BuzzFeed News,” Peretti knowledgeable.

These roles will be aligned with these divisions’ enterprise objectives and match the talents and strengths of a lot of BuzzFeedNews’s editors and reporters.

“We’ve confronted extra challenges than I can rely previously few years: a pandemic, a fading SPAC market that yielded much less capital, a tech recession, a tricky economic system, a declining inventory market, a decelerating digital promoting market and ongoing viewers and platform shifts,” stated the CEO.

(With inputs from IANS)