In an email to employees, CEO Jonah Peretti stated the company will be concentrating on “parts of the business that have demonstrated their ability to add to the company’s bottom line.”
BuzzFeed has announced that it is shutting down its news operation, BuzzFeed News, due to economic and industry downturns and the news division’s unprofitability. CEO Jonah Peretti said the cuts were the result of “economic and industry downturns” and the news division’s unprofitability.
Peretti suggested that the company will focus on areas like quizzes and other content that could potentially be created using AI. Other digital media outlets are facing similar challenges, such as Insider, which laid off 10% of its staff yesterday.