Digital media company BuzzFeed has made the decision to shut down its news division due to financial challenges and the impact of the COVID-19 pandemic. As a result, many jobs across the company, including those in its Canadian office, will be affected.
BuzzFeed’s news division, which has been operational since 2011 and was known for its engaging content, struggled to generate profit in recent years. BuzzFeed’s CEO, Jonah Peretti, explained that the company would be focusing on more profitable content like quizzes, videos, and commerce. The news division will be phased out over the coming months, resulting in significant job losses for the company.
While acknowledging that the decision was a difficult one, Peretti stated that it was necessary for the company’s survival. He also expressed appreciation for the news division employees who had made valuable contributions to journalism and the public good.
It remains uncertain how many jobs will be lost in the Canadian office, but layoffs are expected to occur throughout the country. The announcement has surprised many in the media industry, who admired BuzzFeed’s innovative approach to news and entertainment. BuzzFeed’s situation reflects the ongoing challenges faced by digital media companies in today’s rapidly changing media landscape. BuzzFeed will need to adapt and evolve to meet these challenges and navigate its future successfully.