For the remaining BuzzFeed News employees, the writing has been on the wall for some time. Last month, editor in chief Mark Schoofs, deputy editor in chief Tom Namako and executive editor of investigations Ariel Kaminer all stepped down as layoffs loomed.
BuzzFeed will continue to publish on sister site HuffPost, which is profitable. In his memo, Peretti admitted that his soft spot for the news division had led him to “overinvest,” a mistake he has “learned from,” he added. “I’ve learned from these mistakes, and the team moving forward has learned from them as well,” he wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future.”
BuzzFeed went public via a spac deal in 2021; its shares were trading around 75 cents toward the close of the market on Thursday. BuzzFeed is among a slew of digital content companies that rode the social media wave to vast readership and, at times influence, but that struggled to become profitable on the relatively meager cut of digital advertising earned from platforms including
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