BuzzFeed is shutting down its news division as a part of an effort to chop 15 % of its work pressure, the corporate’s chief govt, Jonah Peretti, mentioned Thursday in a memo to staff.
About 60 jobs will likely be affected by the shuttering of BuzzFeed News, based on an individual conversant in the matter who spoke on situation of anonymity. The firm will provide jobs at HuffPost and BuzzFeed.com to greater than a dozen BuzzFeed News workers members affected by the closure in an try and salvage some positions.
In his memo, Mr. Peretti mentioned he “made the decision to overinvest” in BuzzFeed’s news division as a result of he cherished the work it produced however acknowledged that he was sluggish to just accept that social-media platforms wouldn’t present monetary assist required to make it worthwhile.
“I’ve learned from these mistakes, and the team moving forward has learned from them as well,” Mr. Peretti wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future.”
Edgar Hernandez, BuzzFeed’s chief income officer, and Christian Baesler, the corporate’s chief working officer, will depart however have agreed to remain on via the transition.
This is a growing story. Check again for updates.
Source: www.nytimes.com