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The logo of information site BuzzFeed in 2014. The enterprise announced it was undergoing a 15% reduction in drive and ending its information division.
Nicholas Kamm/AFP through Getty Photographs
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Nicholas Kamm/AFP by using Getty Visuals
The emblem of news web site BuzzFeed in 2014. The organization declared it was undergoing a 15% reduction in pressure and ending its information division.
Nicholas Kamm/AFP by means of Getty Photographs
BuzzFeed is shutting down its Pulitzer Prize-winning news division as aspect of a 15% reduction in drive across the company, BuzzFeed CEO and co-founder Jonah Peretti declared.
“Although layoffs are occurring throughout practically each and every division, we’ve established that the organization can no longer continue to fund BuzzFeed Information as a standalone business,” Peretti wrote in the memo shared on Thursday by using social media.
Peretti reported he created the conclusion to “overinvest in BuzzFeed News because I enjoy their get the job done and mission so a great deal.” But this choice — in addition to a tough several years because of to the COVID-19 pandemic, tech recession and a decelerating digital promotion market — produced it difficult to fiscally help the information division any further, he explained.
Moving forward, BuzzFeed will “focus our news initiatives in HuffPost, a brand that is lucrative with a remarkably engaged, loyal viewers that is considerably less dependent on social platforms,” Peretti reported. HuffPost and BuzzFeed Dot Com will have a amount of pick out roles opened for customers of BuzzFeed Information, he explained.
BuzzFeed is just the most current media firm to announce big layoffs. In modern weeks, NPR cut close to 100 men and women and introduced programs to ax 4 podcasts. The Washington Put up, owned by Amazon founder Jeff Bezos, nixed its Sunday magazine and a handful of other newsroom careers in January. Insider also introduced this 7 days it was laying off 10% of employees due to a decline in advertising and marketing earnings.
BuzzFeed stated it diminished its New York true estate footprint previous 12 months, but that it will also be lowering its authentic estate in Los Angeles now, “from 4 buildings down to a person, which will save hundreds of thousands in expenses as properly as mirrors our present hybrid point out of perform.”
BuzzFeed News started off in 2012 and grew to have extra than 100 journalists throughout the globe. The information division was a four-time Pulitzer Prize finalist. Its 2021 Pulitzer Prize award was for the firm’s global reporting in uncovering the Chinese government’s mass detention of Muslims.
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