Nothing of this is surprising. Earlier this week, BuzzFeed said it would cut 15% of its workforce or about 220 employees. The Washington Post reported on Thursday that the company "has not been profitable for years," and has "gathered hundreds of millions of such investors as Commerce's NBCUniversal."
In a staff memorandum from Variety, executive director Jonathan Pereti said the company wants to "focus on the content that works". we control our own destiny without having to raise funds again.
Pereti is the head of BuzzFeed. After helping to find The Huffington Post, Peretti, along with John S. Johnson III, launched BuzzFeed in 2006 as a side project for tracking viral content. Soon it has become a billion-dollar media company, best known for viral publications, quizzes, and lists.
BuzzFeed was fun and addictive, a perfect way to kill time on the internet.
But then in 2011 it also became serious. She started a news division that quickly won a solid reputation featuring Pulitzer Prize reporters for their autobiography.
Just last week, BuzzFeed News has stunned the country with a report that President Donald Trump directs his longtime lawyer, Michael Cohen, to lie to Congress about Trump's business relations in Russia. (A federal investigator questioned the story, but he did not say what was inaccurate on the matter.)
However, BuzzFeed News has become a major player in the media landscape, winning big prizes and breaking a few stories about Trump-Russia's investigation and Kevin Spacey's sexual harassment charges.
Now we'll see what's left when the redundancy is over. As Friday was over, BuzzFeed News reporters began writing their dismissals as a national reporter Hannah Alahaminvestigating reporter Chris McDaniel and editor of national security Mark Seabel,
Twitter's BuzzFeed journalists and readers were supported and disappointed by the news, but not all were upset.
Actor James Woods celebrates BuzzFeed's redundancies and Thursday's HuffPost cuts, tweets:
"Well, the redundancies in #Buzzfeed and #HuffPo are winning for true journalism. The less is #FakeNews, the better … "
So, where does BuzzFeed come from?
There are several reports that BuzzFeed can be sold or merged with Group Nine Media, another digital publisher. Recognized reports both discuss merger, but nothing seems inevitable.
BuzzFeed did not comment on Friday's cuts.
Friday's cuts in BuzzFeed came just days after massive layoffs at Gannett and a day after HuffPost cuts.