News Formal

BuzzFeed News Shuts Down After 11 Years, Parent Company Laying Off 15% of Staff

  • 📰 LegInsurrection
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

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“More broadly, I regret that I didn’t hold the company to higher standards for profitability, to give us the buffer we needed to manage through economic and industry downturns and avoid painful days like today.”

First off: BuzzFeed News IS NOT BuzzFeed.com. It is a separate division under BuzzFeed, Inc.

Peretti admitted he overinvested in BuzzFeed News. He blamed his love for the division’s “work and mission” for not accepting “that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.” HuffPost and BuzzFeed will have some roles for the reporters let go from the news division. BuzzFeed acquired HuffPost in 2020

 

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