BuzzFeed Shuts Down Its Namesake News Division
BuzzFeed Closes Pulitzer-Winning News Division:
BuzzFeed "is shutting down its news division as part of an effort to cut 15 percent of its work force" according to an internal memo from CEO Jonah Peretti, Benjamin Mullin and Katie Robertson of The New York Times reported Thursday. The closure "will affect 180 people across the company’s business, content, tech and administrative teams," Mullin and Robertson continued. "About 60 of those jobs will be affected by the shuttering of BuzzFeed News, according to a person familiar with the matter who spoke on condition of anonymity. The company will offer jobs at BuzzFeed.com and HuffPost, which BuzzFeed acquired in 2021, to more than a dozen BuzzFeed News staff members affected by the closure in an attempt to salvage some positions." Peretti said he "'made the decision to overinvest' in BuzzFeed’s news division because he loved the work it produced but acknowledged that he had been slow to accept that social media platforms would not provide the financial support needed to make BuzzFeed News profitable." He added: "I've learned from these mistakes, and the team moving forward has learned from them as well. We know that the changes and improvements we are making today are necessary steps to building a better future." Although he maintained that he "own[s] this decision," Peretti said he would remain with the company in an all-hands video meeting Thursday morning. The decision will not affect sister company HuffPost, "which [...] Peretti said in his memo was profitable and less dependent on social platforms." Amid reports of the closure, BuzzFeed's stock dropped by more than 20 percent to $0.72 per share. In an interview, former Editor in Chief Ben Smith "this moment" as "part of the end of a whole era of media [...] It's the end of the marriage between social media and news." Known as a "beacon for up-and-coming political and investigative journalists," a team from the news site received the 2021 International Reporting Prize "for stories that used satellite imagery to report on the Chinese government's detention of Muslims," Mullin and Robertson continued. Staff entries from BuzzFeed News also were nominated for the 2018 and 2021 International Reporting Prizes, while 2014 Investigative Reporting winner Chris Hamby was nominated for the 2017 International Reporting Prize during his tenure at the organization. A spokesperson "said the company was planning to keep all of the stories published by the news division archived on its website in perpetuity."