Synopsis Co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams AP Pulitzer prize winning digital media company BuzzFeed will shut down its news division as it cuts about 15% of its entire staff. In a memo sent to staff, co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams, according to multiple media reports. BuzzFeed is also considering making job cuts in some international markets.
Peretti said in a memo to staff that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the the financial support needed so sustain operations was not there. “I’ve learned from these mistakes, and the team moving forward has learned from them as well,” Peretti wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future.
” He added that the company will now have one remaining news brand, HuffPost . The announcement comes just a few months after BuzzFeed said that it would be cutting 12% of its workforce , citing worsening economic conditions. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories BuzzFeed, founded by Peretti in 2006 and initially known for listicles and online quizzes, had established itself as a serious contender in the news business, winning a Pulitzer in 2021 for international reporting.
Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Thursday, 20 Apr, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Economy More Economy Likely to Grow at 6% in FY24: Economists India’s economy is likely to post a resilient 6% growth in FY24, an ET poll of 20 economists showed, easing slightly from 7% in FY23 because of softer global growth and higher interest rates. Abu Dhabi’s 10X AD, Apollo in Talks to Invest in Byju’s Parent or Aakash Abu Dhabi-based 10X AD is in discussions with Byju’s CEO Byju Raveendran to invest in parent company Think and Learn Pvt Ltd or its arm Aakash Education Services (AES) as the edtech company looks to raise at least $400-600 million from investors, said people in the know.
Snap India Doubled User Base, Engagement in ’22 Snap Inc, which runs the ephemeral messaging app Snapchat, more than doubled its user base and engagement in India, its cofounder and chief executive officer Evan Spiegel told ET in an exclusive interview. Read More News on Buzzfeed Layoffs Layoffs Media Jobs huffpost Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.
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From: economictimes_indiatimes
URL: https://economictimes.indiatimes.com/tech/technology/buzzfeed-to-close-news-division-cut-15-of-all-staff/articleshow/99647803.cms
