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what’s the buzz? Closing BuzzFeed News is no big deal

BuzzFeed News will be closing this week.

BuzzFeed Inc. CEO Jonah Peretti announced Thursday that the company’s news division will be shutting down.

“Despite job cuts in nearly every department, we have determined that we can no longer continue to fund BuzzFeed News as an independent entity,” he said.

The move is part of a massive layoff across BuzzFeed, with the company considering laying off 15% of its staff.

The CEO said some of the laid-off employees may be able to secure positions at HuffPost, which the company acquired in 2020. Peretti said HuffPost has a loyal readership and is profitable, but BuzzFeed News does not.

Peretti said the economy played a role in the decision to shut down BuzzFeed News, but admitted his choice had hurt the company.

“I want to be clear, as the CEO of this company, I and the management team could have done better despite the circumstances,” Peretti said. . “We made the decision to overinvest in BuzzFeed News because we love what we do and what our mission is.”

The CEO also said he plans to discuss what the layoffs mean for the NewsGuild members who will be fired.

Since its launch in 2012, BuzzFeed News has enjoyed great respect in the industry, especially after winning a Pulitzer Prize in 2021 for its coverage of the Chinese government’s internment of Muslims. what’s the buzz? Closing BuzzFeed News is no big deal

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