BuzzFeed News is shutting down after 11 years. In a memo sent to staff Thursday morning, BuzzFeed cofounder and CEOcalled the decision to fold BuzzFeed’s Pulitzer Prize–winning online news site “deeply painful.” The decision hinged on “a fading SPAC market that yielded less capital,” a “decelerating digital advertising market,” and “ongoing audience and platform shifts,” among other reasons, Peretti wrote.
During a meeting with newsroom staff on Thursday, Peretti was pressed by employees about what went wrong. BuzzFeed News was ahead of its Q1 goals for direct sales, one staffer toldthough another source with knowledge of the business said BuzzFeed News was the only part of the company that remained unprofitable, adding that the company needed to focus on revenue-accelerating businesses and initiatives.
“You told us that we had a year to be profitable,” said one staffer, according to a recording of the meeting obtained by“You told us that we had a certain amount of time, you cut our newsroom down to the bone—we are all sinew and bone at this point,” they said. Peretti responded by citing the “continued deterioration of macro conditions,” which he said “required breaking promises and changing plans.” “I wish we had more time,” he added—an answer that prompted the staffer to push back: Employees were only looped into conversations about profitability this year, they said. “So it wasn’t a lack of time, Jonah. You had a decade.
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