BuzzFeed News Is Shutting Down

BuzzFeed is shutting down BuzzFeed News and laying off 15% of its employees, or about 180 people. CEO Jonah Peretti made the announcement in a memo on Thursday. Variety reports: 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. "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. BuzzFeed News launched in 2012 under then-editor in chief Ben Smith. In the memo, Peretti said, "I made the decision to overinvest in BuzzFeed News because I love their work and mission so much. 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." HuffPost is "a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms," than BuzzFeed News, according to Peretti. Peretti also wrote, "we will bring more innovation to clients in the form of creators, AI and cultural moments that can only happen across BuzzFeed, Complex, HuffPost, Tasty and First We Feast." According to a BuzzFeed spokesperson, no jobs are being replaced by AI. The company recently started using AI to assist in creating some content, including quizzes, and Peretti said the technology would become "part of our core business."

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