BuzzFeed introduced Thursday that it was shutting its news division, signalling the top of probably the most notable news web sites of the web period.
“We are reducing our workforce by approximately 15 percent today… and beginning the process of closing BuzzFeed News,” chief government Jonah Peretti wrote in a memo to employees.
BuzzFeed shares plunged greater than 20 % on Wall Street following the news.
“We’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” stated Peretti.
He cited quite a lot of challenges, together with the coronavirus pandemic, the declining inventory market and a recession within the tech sector.
“Dealing with all of these obstacles at once is part of why we’ve needed to make the difficult decisions to eliminate more jobs and reduce spending,” he stated.
“Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” he wrote.
He added that the corporate would supply some jobs at HuffPost and BuzzFeed.com to BuzzFeed News employees members.
BuzzFeed News was based in late 2011, and have become an emblem of a brand new wave of web media firms.
Source: www.anews.com.tr
