New York, New York-based BuzzFeed, an internet news and entertainment media company, has announced the closure of its news division.
The closure will impact 180 employees in the Business, Content, Tech, and Admin teams.
CEO Jonah Peretti noted, “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization. Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience.”
“I made the decision to overinvest in BuzzFeed News because I like their work and mission so much. This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media."
“Our industry is hurting and ready to be reborn. We are taking great pains today and will begin to fight our way to a bright future.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?