BuzzFeed

Digital media company BuzzFeed has announced the closure of its news division, as part of wider efforts to turn the struggling company around (Axios). Led by CEO and co-founder Jonah Peretti, BuzzFeed suffered painful layoffs and cutbacks in recent years, and is now facing lack of profitability (Democracy Now!). Meanwhile, BuzzFeed News – the once Pulitzer Prize-winning entity – is shutting down amid the digital media reckoning (Axios). 
 
Peretti shared details of the decision in a memo to all his staff. The founder also announced that the move is an effort to squeeze and turnaround the company, which is in financial trouble (Axios). Peretti pointed at the “tough challenges” the company faces, which he said stemmed from “missteps” (Axios). The impact is said to be enormous, as BuzzFeed News was more than just another news outlet – it defined an era (The Atlantic).
 
BuzzFeed rose from quirky upstart to Pulitzer Prize-winning operation, but was unable to withstand the punishing economics of digital publishing, hence the need for the company to take radical steps, like shutting down the news division (The New York Times). Indeed, BuzzFeed is not alone in its struggle, as many other digital media companies are in similar financial trouble, and some are also facing bankruptcy (Vox).
 
BuzzFeed News’ closure comes as a surprise to many people, including the publisher of the Steele Dossier – a memo that was sent to employees by Peretti himself and obtained by The New York Times’ Ben Mullin (Mediaite). The closure of BuzzFeed News is a gut punch and defines the week in the media news cycle, which has been rather wild (Poynter). 
 
BuzzFeed News, a site famous for popularizing “listicles,” is shutting down, leaving Pulitzer Prize-winning journalists, reporters, and support staff unemployed (USA Today). Meanwhile, the company is trying to change its direction and become profitable again. 
It is yet to be seen what the future holds for BuzzFeed and its remaining content departments.