What an era! Thursday Morning, Buzzfeed CEO Jonah Peretti announced after 11 years the company will be shutting down. Just months after Buzzfeed News laid off 12 percent of its staff, due to overinvesting in the division, the renowned news site could not make it out on top.
The company continued to face many challenges. The Pulitzer Prize-winning digital news website will no longer be able to operate as a stand-alone organization.
For those over at Buzzfeed News, Peretti has stated that select roles would become available for them at Buzzfeed and HuffPost, which are still profitable divisions.
While this is a shock to many, Buzzfeed isn’t alone:
- Insider recently announced a 10 percent layoff of staff.
- Vox laid off 7 percent of its staff in January
- Vice World News is on the verge of closing if it cannot find a buyer.