“BuzzFeed is shutting down its Pulitzer Prize-winning news division as part of a 15% reduction in force across the company, BuzzFeed CEO and co-founder Jonah Peretti announced.
“”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 in the memo shared on Thursday via social media.
“Peretti said he made the decision to “overinvest in BuzzFeed News because I love their work and mission so much.”
“But this decision — in addition to a rough few years due to the COVID-19 pandemic, tech recession and a decelerating digital advertising market — made it impossible to financially support the news division any further, he said.”
Read more at NPR