BuzzFeed News is ‘beginning the process’ of closing down, CEO tells staff
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BuzzFeed is shutting down its news operation, CEO Jonah Peretti told staff on Thursday.
An internal email obtained by The Independent informed staff of the decision to shutter the news division.
BuzzFeed’s business, content, tech and admin teams are being reduced by 15 per cent, Mr Peretti added.
In the email, Mr Peretti admitted the digital media company had been unable to ward off the impacts of the pandemic, a tech recession, a tough economy and a “decelerating advertising market”.
“We’ve faced more challenges than I can count in the past few years,” he said.
Mr Peretti admitted to staff he had made mistakes and that the publicly listed company’s leadership team “could have performed better despite the challenges in the world”.
After the news broke at around 11am, Buzzfeed’s stock price plummeted by 16 per cent to 78 cents.
Breaking more to come
