News Karnataka
Friday, December 08 2023
Business News

Pulitzer Prize-winning BuzzFeed News to be shut down

Pulitzer Prize-winning BuzzFeed News to be shut down
Photo Credit : IANS

New Delhi: In shocking news to the global media industry, the Pulitzer Prize-winning news arm of is being shut down, CEO Jonah Peretti announced on Thursday.

The media outlet said that it is reducing the workforce by approximately 15 per cent across business, content, tech and admin teams, and beginning the process of closing BuzzFeed News.

“Additionally, we are proposing headcount reductions in some international markets,” Peretti said in a memo to staff.

“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,” Peretti said in a memo which was shared with The Verge.

The company would focus on HuffPost, which it acquired in 2020, as the company’s news brand.

“Impacted employees (other than those in BuzzFeed News) will receive an email from HR shortly. If you are receiving this note from me, you are not impacted by today’s changes. For BuzzFeed News, we have begun discussions with the News Guild about these actions,” said the CEO.

Both CRO Edgar Hernandez and COO Christian Baesler have made the decision to exit the company.

“We will engage with the News Guild about our cost reduction plans and what this will mean for the affected union members. HuffPost and BuzzFeed Dot Com have signalled that they will open a number of select roles for members of BuzzFeed News,” Peretti informed.

These roles will be aligned with those divisions’ business goals and match the skills and strengths of many of BuzzFeed News’s editors and reporters.

“We’ve faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts,” said the CEO.

Read more:

Amazon, Google CEOs ‘hint’ at more layoffs in economic meltdown

Bengaluru: Amid layoffs, techies now hit by soaring rents in City

Meta now pauses remote work hirings after mass layoffs

McDonald’s temporarily shuts US offices, plans major layoffs

Adobe won’t do mass layoffs, says its chief people officer

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Editor's Pick

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp