Chief executive Jonah Peretti says in company-wide email BuzzFeed ‘can no longer continue to fund BuzzFeed News’
BuzzFeed is shutting down what remains of its award-winning news department, signalling the end of an era for a website that once promised to upend the industry.
Founder Jonah Peretti told staff on Thursday that “the company can no longer continue to fund BuzzFeed News” and would be looking to make substantial redundancies across the company.
He said the whole company had been hit by pandemic, a troubled stock market listing, a tough economy, a declining stock market, a slowdown in digital advertising, and changing audience habits.
Peretti suggested that there may not be a sustainable business model for high-quality online news. He wrote: “I made the decision to overinvest in BuzzFeed News because I love their work and mission so much.
