BuzzFeed News is reportedly preparing to shut down for good.
The decision, according to BuzzFeed CEO and co-founder Jonah Peretti in an email to colleagues, was a part of a 15% personnel cut across many organizations.
In order to disseminate content on the exploding social networks like Facebook and Twitter, BuzzFeed received hundreds of millions of dollars from investors in the early 2010s.
It also invests in original news reporting in addition to creating popular content like quizzes and lists in the hopes of attracting advertisers with better standards.
Ben Smith, a veteran New York City political writer, was hired as BuzzFeed News’ editor-in-chief at the beginning of 2012.
For a series revealing China’s widespread Muslim incarceration, the news outlet received a Pulitzer Prize in 2021. It was also a Pulitzer nominee that year, earning the distinction for the second time.
In the midst of a worldwide rush of reverse mergers later that year, many of which have subsequently significantly lost value, BuzzFeed Inc. became a publicly listed corporation.
Buzzfeed’s troubles reflect broader difficulties across online news, as publishers struggle to become profitable.