BuzzFeed to close news division, cut 15% of all staff
Apr 20, 2023, 9:27 AM
FILE - The entrance to BuzzFeed in New York is seen on Nov. 19, 2020. Pulitzer prize winning digital media company BuzzFeed is cutting about 15% of its staff, according to multiple media reports. In a memo sent to staff, co-founder and CEO Jonah Peretti said that the New York company was going to start the process of shutting down its news division, and that cuts would also occur across its business, content, tech and administrative teams. (AP Photo/Ted Shaffrey, File)
Credit: ASSOCIATED PRESS
(AP Photo/Ted Shaffrey, File)
Pulitzer prize winning digital media company BuzzFeed will shut down its news division as it cuts about 15% of its entire staff.
In a memo sent to staff, co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams, according to multiple media reports. BuzzFeed is also considering making job cuts in some international markets.
Peretti said in a memo to staff that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the the financial support needed so sustain operations was not there.
“I’ve learned from these mistakes, and the team moving forward has learned from them as well,” Peretti wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future.”
He added that the company will now have one remaining news brand, HuffPost.
The announcement comes just a few months after BuzzFeed said that it would be cutting 12% of its workforce, citing worsening economic conditions.
BuzzFeed, founded by Peretti in 2006 and initially known for listicles and online quizzes, had established itself as a serious contender in the news business, winning a Pulitzer in 2021 for international reporting.
