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| Buzzfeed News to close as media firm cuts jobs | Buzzfeed News to close as media firm cuts jobs |
| (32 minutes later) | |
| Buzzfeed is to close its news site and cut its workforce by 15%, chief executive Jonah Peretti has said. | Buzzfeed is to close its news site and cut its workforce by 15%, chief executive Jonah Peretti has said. |
| It comes as the digital media company faces serious financial challenges, including a slump in advertising spending. | It comes as the digital media company faces serious financial challenges, including a slump in advertising spending. |
| Calling the decisions "deeply painful", Mr Peretti said he could not invest more in the unprofitable news site. | |
| He said the firm would focus on delivering news via the HuffPost, which Buzzfeed took over two years ago. | |
| "Our industry is hurting and ready to be reborn," he said. "We are taking great pains today, and will begin to fight our way to a bright future." | "Our industry is hurting and ready to be reborn," he said. "We are taking great pains today, and will begin to fight our way to a bright future." |
| Founded in 2006, Buzzfeed was once one of the most popular names in online media, known for its quizzes and viral content, as well as a serious news operation. | |
| It listed on the stock exchange in 2021, but raised far less money than it had hoped. | |
| The company, which employed more than 1,300 people globally at the end of last year, had already announced a wave of layoffs in December, affecting more than 170 people. | The company, which employed more than 1,300 people globally at the end of last year, had already announced a wave of layoffs in December, affecting more than 170 people. |
| The latest cuts involve about 180 jobs. Some of the news staff may find roles in other parts of the company, Buzzfeed said. | |
| The company will continue to operate the HuffPost, its food brand Tasty, Complex Networks, and its namesake website. | |
| Related Topics | Related Topics |
| Companies | Companies |
| Social media | |
| Media | Media |