BuzzFeed News is shutting down as its parent company scales back and lets go of 15% of its staff.
The announcement was made Thursday by BuzzFeed CEO Jonah Peretti.
— New York Post (@nypost) April 20, 2023
“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.
“Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” he added.
BuzzFeed News is shutting down, part of a 15% reduction in the company's workforce https://t.co/y8JDbCwNOh
— CNN Breaking News (@cnnbrk) April 20, 2023
"The digital publisher is laying off 15% of its employees, or about 180 people, across BuzzFeed News and other divisions," according to Variety.
"Going forward, BuzzFeed will concentrate its news efforts in a single profitable news organization — HuffPost, which it acquired from Verizon in 2020, per Peretti’s memo. The company’s flagship BuzzFeed.com site will remain in place," it added.
"BuzzFeed is not the only news organization facing struggles. Nearly every major news, media, and technology company has announced layoffs in recent months," CNN reported.
"Insider on Thursday, for instance, said it will lay off approximately 10% of its staff, telling employees in a memo that the 'economic headwinds that have hurt many of our clients and partners are also affecting us,'" it added.
BuzzFeed News Is Shutting Down, Company Laying Off 180 Staffers https://t.co/TUOriibk81
— Variety (@Variety) April 20, 2023
The move comes as a wide variety of tech and media companies have cut staffing in recent months in addition to BuzzFeeds recent announcement.
Twitter, purchased last year by Elon Musk, reportedly fired up to 80% of its staff in its reorganization. Meta, the parent company of Facebook and Instagram, has also reportedly laid off thousands of workers since the start of the year. Amazon has also announced widespread layoffs this year, along with a growing number of digital companies scaling back staffing as demand decrease, costs increase and automation is implemented on a larger scale.
The concerning trends following the end of the pandemic have many financial experts pointing to a looming recession. The combination of job losses, higher interest rates and rampant inflation offers a combination of factors that could plague the Biden administration as the president looks toward his 2024 reelection campaign.