BuzzFeed CEO and Founder Jonah Peretti has announced in a company memo that BuzzFeed News will be shutting down, as first reported by The Daily Beast. "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,” the CEO revealed in an email.
Screenshots of the memo have begun circulating on platforms like Twitter. The email states that their focus will be placed on Huffington Post. "Over the next couple of months, we will work together to run a more agile and focused business organization with the capacity to bring in more revenue. We will concentrate our news efforts in HuffPost, a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms."
It continues, "We will empower our editorial teams at all of our brands to do the very best creating work and build an interface where that work can be packaged and brought to advertisers more effectively. And we will bring more innovation to clients in the form of creators, AI, and culture moments that can only happen across BuzzFeed, Complex, HuffPost, Tasty and Fire We Feast."
"It might not feel this way today, but I am confident the future of digital media is ours for the taking. Our industry is hurting and ready to be reborn," Peretti adds. "We are taking great pains today, and we will begin to fight our way to a bright future."
This is a developing story.
Love Evie? Sign up for our newsletter and get curated content weekly!