BuzzFeed is planning to shut down BuzzFeed News, according to a company-wide memo sent by CEO Jonah Peretti to his staff Thursday.
In a company-wide memo to his staff, Peretti says: “We are reducing our workforce by approximately 15% today across our Business, Content, Tech, and Admin teams, and beginning the process of closing BuzzFeed News.” The cuts will affect roughly 180 employees.
“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 wrote.
“I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances,” Peretti wrote. “I made the decision to overinvest in BuzzFeed News because I love their work and mission so much.”
Starting in 2012, BuzzFeed News was awarded the 2021 Pulitzer Prize-Winner in International Reporting, and a four time Pulitzer Prize-finalist.
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