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Tuesday, May 21, 2024

Recessions with Buzzfeed


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Pulitzer Prize-winning digital media company, BuzzFeed, has announced that it will be shutting down its news division, resulting in a reduction of 15 percent of its staff. Co-founder and CEO Jonah Peretti’s memo stated that cuts would also be made to the business, content, tech and administrative teams. There is also the possibility of job cuts in international markets.

In the memo, Mr Peretti revealed that he had “overinvested” in the news division, and failed to recognize the financial support needed for its sustainability. He went on to say that he had learned from this mistake, and that the team had also taken on board the lesson. He finished by saying that the changes and improvements made were necessary steps for constructing a better future.

The announcement comes shortly after BuzzFeed revealed that it would be reducing its workforce by 12 percent, due to the worsening economic circumstances. After its establishment in 2006, the company had quickly gained recognition as a serious news outlet, even winning a Pulitzer in 2021 for its international reporting. Going forward, the company will only have one remaining news brand, HuffPost.

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