BuzzFeed to Close News Division and Cut 15% of All Staff
BuzzFeed, the popular digital media company, has announced that it will be closing its news division and cutting 15% of all staff. This decision comes as a result of the company's struggle to turn a profit in recent years.
The news division, which was responsible for producing investigative journalism and breaking news stories, will be merged with the company's entertainment division. This move is expected to result in the loss of around 220 jobs.
BuzzFeed CEO Jonah Peretti explained the decision in a memo to staff, stating that "Unfortunately, revenue growth by itself isn't enough to be successful in the long run. The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again."
While the news division was known for producing hard-hitting journalism, it was also responsible for some of BuzzFeed's most controversial stories. In 2017, the company faced backlash for publishing an unverified dossier on President Trump's alleged ties to Russia.
Despite the closure of the news division, BuzzFeed will continue to produce content in other areas, including entertainment, lifestyle, and food. The company has also stated that it will be investing in its commerce and licensing businesses.
The decision to close the news division and cut staff is a difficult one, but it is a necessary step for BuzzFeed to remain competitive in the digital media landscape. As the industry continues to evolve, it is likely that other companies will also need to make tough decisions in order to survive.
https://www.lifetechnology.com/blogs/life-technology-technology-news/buzzfeed-to-close-news-division-cut-15-of-all-staff
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