BuzzFeed CEO Jonah Peretti says he failed to recognise early enough that the financial support needed to sustain the website's news operations was not there.
Digital advertising has plummeted this year, cutting into the profitability of major tech companies from Google to Facebook. Waves of layoffs have rolled through the tech industry and more are expected.
CEO Jonah Peretti announced the shutdown of BuzzFeed’s Pulitzer-winning news division and cuts to 15% of its staff. The company will continue to publish news on HuffPost.
Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.