The company explained that it could no longer “finance” the information component of the American site Buzz Feed.
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BuzzFeed News, the news site of Buzz Feed, will close as part of a savings plan, the group’s management announced on Thursday April 20, sealing the failure of a figurehead of free information on line.
“We are reducing our workforce by approximately 15% today…and we are beginning the process of closing BuzzFeed News”the news branch of American entertainment site BuzzFeed.com, wrote BuzzFeed co-founder and CEO Jonah Peretti in a memo to staff. “Layoffs are taking place in almost all divisions” And “we have determined that the company can no longer continue to fund BuzzFeed News as a stand-alone organization”he added.
Focus on the Huffpost
15% of the workforce represents about 180 employees for BuzzFeed, which has some 1,200. BuzzFeed shares lost about 20% Thursday on the New York Stock Exchange after the announcement.
According to group management, “a number of positions” will be open within BuzzFeed.com and the “HuffPost”a direct competitor acquired by BuzzFeed in 2020. “Going forward, we will have one news brand, HuffPost, that is profitable and has a loyal direct homepage audience”added Jonah Peretti.