BuzzFeed Shareholders Pressured CEO , To Shut Down Its Newsroom.
BuzzFeed Shareholders Pressured CEO , To Shut Down Its Newsroom.
CNBC reports that unnamed sources claim BuzzFeed CEO Jonah Peretti has been pressured to shutter the entire operation.
Instead, BuzzFeed announced on March 22 that it would shrink its operations.
This morning we announced plans to accelerate profitability for BuzzFeed News, Jonah Peretti, BuzzFeed CEO, via CNBC.
Including leadership changes, the addition of a dedicated business development group, and a planned reduction in force, Jonah Peretti, BuzzFeed CEO, via CNBC.
We will prioritize investments around coverage of the biggest news of the day, culture and entertainment, celebrity, and life on the Internet, Jonah Peretti, BuzzFeed CEO, via CNBC.
Sources say that around 30 employees have been offered company buyouts.
BuzzFeed currently employs around 100 people.
According to CNBC, the company loses nearly $10 million a year.
Peretti has stated in the past that BuzzFeed is “good for the world, good for business, and good for our company culture.” .
After BuzzFeed went public in Dec.
2021, stock shares sank nearly 40 percent.
Peretti was in a similar position with HuffPost after acquiring the company from Verizon.
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Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses, Jonah Peretti, BuzzFeed CEO, via CNBC.
The most responsible thing we can do is to manage our costs and ensure BuzzFeed — and HuffPost — are set up to prosper long-term.
, Jonah Peretti, BuzzFeed CEO, via CNBC.
The strategy seems to have worked as HuffPost is reportedly out of the red
