BuzzFeed News is reportedly shuttering its operation after BuzzFeed CEO Jonah Peretti admits in an email to staff that he “overinvested” in the organization.
In the email, which was shared with NBC News, Peretti explained that layoffs are happening across the board, but the news division is being hit the hardest.
“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,” he said, continuing on to reveal he “overinvest[ed] in BuzzFeed News “because I love their work and mission so much.”
However, it just wasn’t something that was going to make enough money to stay viable.
“This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.” Peretti did not “hold the company to higher standards for profitability” which would have created more breathing room during downturns common in the digital news sphere.
Twitter reactions were not as somber, however, with many celebrating the reported shutdown:
Middle school cnn/tmz lasted much longer than it should have.
— Frontierz (@frontierzman) April 20, 2023
Wish they’d shut down Don Lemon next!
— PatriotRose17 (@PatriotRose17) April 20, 2023
buzzfeed news is shutting down shutting down
— , (@JuanRicardoDiaz) April 20, 2023
— Whatley (@jacrabtree66) April 20, 2023
Lol. I guess they can learn a real skill then.
— BuildMoreGuns (@MNMAGA1911) April 20, 2023
Great news. They were always so hateful!
— Oli London (@OliLondonTV) April 20, 2023
Faux journalists wake up to unemployment. #LearnToPrompt
— Sir Lord Joel Comm (@joelcomm) April 20, 2023
BuzzFeed News shutting down is no surprise. Their biased reporting and willingness to push fake news discredits all media outlets. Journalistic integrity must come first.
— Bitcoin AI | Crypto.eth Altcoin | Meta WEB3 NFT (@CryptoWeb3_NFT) April 20, 2023
Buzzfeed is radical liberal left Woked site
They disparaged conservatives brutally
Using vindictive condescension
I am not unhappy they bit the Dust
— s.s. lark (@louiedadawg) April 20, 2023
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