On Thursday, it was revealed that far-left news website BuzzFeed News is shutting down “because it is not able to turn a profit,” according to CEO Jonah Peretti in an internal memo.
The news site’s parent company BuzzFeed is laying off the news team and other staffers from across the company, resulting in 180 people being let go.
The company says it is focusing on its other news property, the Huffington Post, instead of carrying on with BuzzFeed News.
“We will concentrate our news efforts in HuffPost, a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms,” wrote Peretti.
“We will empower our editorial teams at all of our brands to do the very best creative work and build an interface where that work can be packaged and brought to advertisers more effectively. And 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.”
“It might not feel this way today, but I am confident the future of digital media is ours for the taking. Our industry is hurting and ready to be reborn. We are taking great pains today, and will begin to fight our way to a bright future,” he concluded.
Variety reported, “Alongside the shutdown of BuzzFeed News, chief revenue officer Edgar Hernandez and COO Christian Baesler are leaving the company. BuzzFeed president Marcela Martin will assume responsibility for all revenue functions effective immediately.”
An SEC filing revealed that BuzzFeed will incur between $7 million to $11 million in charges related to the layoffs.