The company is also working to make sure that any stories currently in progress will be published and promoted on BuzzFeed properties. He wrote then that “we have always erred on the side of publishing.īuzzFeed’s shutdown “really marks the end of the marriage between news and social media," said Smith, author of “Traffic," a forthcoming history of that era.īuzzFeed said Thursday that all of the news division's work will be preserved and available within the BuzzFeed network. Smith made the controversial decision in 2017 to publish a “dossier" of information about then-President Donald Trump, even though many outlets avoided it as unreliable and even Buzzfeed said there were serious reasons to doubt the allegations. “I’m heartsick about it, and proud of the great journalism we did when I was there and after I left," said Ben Smith, BuzzFeed’s editor from 2011 to 2020 and now editor in chief of Semafor. Journalists who previously worked at BuzzFeed lamented the end of the news division. The company will now have one remaining news brand, HuffPost, Peretti wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future."Ĭhristian Baesler, the company’s chief operating officer, and Edgar Hernandez, its chief revenue officer, are also leaving after they assist with the restructuring.
“I’ve learned from these mistakes, and the team moving forward has learned from them as well," Peretti wrote. Waves of layoffs have rolled through the tech industry and more are expected. Revenue has continued to take a hit, with first quarter revenue falling 27 percent year over year to $67.2 million, the company said in its May earnings.Peretti said in a memo to staff that he “made the decision to overinvest" in the news division, but failed to recognize early enough that the financial support needed to sustain operations was not there.ĭigital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook. The media company in recent months has implemented multiple rounds of layoffs and shuttered its news division BuzzFeed News.
The SPAC merger gave BuzzFeed $1.5 billion valuation and $288 million in cash, allowing the media company to acquire Complex Networks as part of a larger consolidation of digital media companies that included BuzzFeed’s acquisition of HuffPost in 2020.īut BuzzFeed’s stock, which trades under BZFD and BZFDW, has struggled to perform amid an overall economic downturn that has particularly hurt digital advertising–reliant companies.
2021 through some maneuvering with a special purpose acquisition company. BuzzFeed Posts $106.2M Quarterly Loss Over Impairment ChargeĪ spokesperson for BuzzFeed declined to comment.Ī potential delisting would be an embarrassing end for BuzzFeed after the digital media company went public in Dec.
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