BuzzFeed Inc., the parent company of the left–leaning BuzzFeed News, has announced the closure of its news division due to financial struggles. The move will affect about 60 people, according to The New York Times, and will result in an overall 15% staff cut across all of BuzzFeed‘s departments.
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This isn‘t the first time the company has struggled to remain profitable, but the news division was a major factor in its financial woes. The left–leaning outlet has been overinvesting in its news division, hoping to make it viable on social media platforms. Unfortunately, its efforts have not been successful, leaving the company no choice but to shut down the division.
Founder and CEO of BuzzFeed Inc., Jonah Peretti, sent out a memo to staff after the decision was made, expressing regret for not holding the company to higher standards of profitability. He also noted that the bulk of BuzzFeed‘s reporting will now be done through The Huffington Post, which has “a highly engaged, loyal audience that is less dependent on social platforms.”
Though the closure of BuzzFeed News may be disappointing to many, it is not surprising considering the outlet‘s track record. For example, BuzzFeed News was the first to publish the infamous Steele Dossier. The dossier was funded by the Clinton campaign for opposition research, and was used by the FBI to obtain warrants to surveil the former president‘s 2016 campaign. It was full of unfounded rumors and innuendo about Donald Trump, and it ultimately caused a lot of damage to the Republican Party.
While BuzzFeed News‘ closure is unfortunate, it is a reminder that the left–leaning media is not always to be trusted and the American economy is at a low.
I guess it’s safe to say it pays off to tell the truth.
BREAKING: BuzzFeed, the digital media company which gained notoriety for publishing the now-debunked Steele Dossier, is being shut down, according to a memo from BuzzFeed Inc. CEO Jonah Peretti. The dossier was funded by @HillaryClinton campaign and used to push the discredited… pic.twitter.com/3WfNwTCZ9s
— Simon Ateba (@simonateba) April 20, 2023