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BuzzFeed News to Shut Down as Part of Workforce Reduction

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In a recent memo to employees, BuzzFeed founder Jonah Peretti announced that the company’s news division would be shut down as part of a workforce reduction effort. This decision was made in an effort to cut 15 percent of the company’s workforce, a move that will impact around 60 jobs.

Peretti explained that the decision to overinvest in the news division was a mistake, as social media platforms were not able to provide the necessary financial support to make it profitable. While some staff members affected by the closure will be offered jobs at HuffPost and BuzzFeed.com, the future of many BuzzFeed News employees remains uncertain.

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Despite winning a Pulitzer Prize, BuzzFeed News has never been profitable. The company’s struggles are part of a broader trend in the media industry, as many organizations face challenges in monetizing their news divisions.

In a statement, Peretti said, “We know that the changes and improvements we are making today are necessary steps to building a better future.” He emphasized that he had learned from his mistakes and that the company was taking steps to ensure long-term sustainability.

The departure of Edgar Hernandez, BuzzFeed’s chief revenue officer, and Christian Baesler, the company’s chief operating officer, is also part of the transition. Despite the challenges, BuzzFeed plans to continue investing in its core business, including its entertainment and lifestyle divisions.

In a nutshell, BuzzFeed’s decision to shut down its news division is part of a broader effort to cut costs and ensure long-term sustainability. While some staff members will be offered jobs at other BuzzFeed properties, the future of many employees remains uncertain. The move is a reminder of the challenges facing media companies as they struggle to monetize their news divisions and adapt to changing industry trends.

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