BuzzFeed News is closing due to a plan of adjustments, BuzzFeed company president Jonah Peretti announced in a released memo.
“We are reducing our workforce by approximately 15% today … and are beginning the process of shutting down BuzzFeed News,” a separate digital release from the entertainment site BuzzFeed.com, Peretti said in a message to staff.
“After layoffs in nearly every division, we have decided that the company can no longer fund BuzzFeed News as an autonomous organization,” BuzzFeed’s CEO announced.
Peretti commented that there was too much investment in that section because he loved his job and mission. “This made me slowly accept that the major platforms wouldn’t provide the necessary distribution or financial backing to support free and premium journalism designed specifically for social networks,” he added in statements collected by CNN.
15% of the workforce represents approximately 1,200 employees out of a total of 8,000 that BuzzFeed had.
HuffPost and BuzzFeed.com will continue with job openings for BuzzFeed News members.
He expected that they will only have one brand of news in HuffPost, which is profitable.
Source: Eluniverso
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