The Briefing Room
General Category => Economy/Business => Topic started by: 240B on April 21, 2023, 11:43:21 pm
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Forbes
Katherine Hamilton
Apr 20, 2023
BuzzFeed News, a pioneer of the digital news landscape over the past decade, will shut down, the company’s CEO said in a memo to staff Thursday morning, noting the business model of news tailored for social media had become too difficult to sustain, and the company will focus its efforts on the profitable Huffington Post going forward.
KEY FACTS
BuzzFeed CEO Jonah Peretti sent a memo to employees saying the company is “beginning the process of closing BuzzFeed News” and reducing the rest of the firm’s workforce, which includes news website Huffington Post, by 15%—the memo was first shared on Twitter by New York Times reporter Ben Mullin.
Buzzfeed News, which won a Pulitzer Prize for international reporting in 2021, is being shuttered due to revenue problems, Peretti explained, saying he “overinvested” in BuzzFeed News even though the site didn’t have the “financial support required to support premium, free journalism.”
(more)
https://www.forbes.com/sites/katherinehamilton/2023/04/20/buzzfeed-news-shutting-down/
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Such a shame.