When you win a Pulitzer Prize, you have to imagine you’re doing something right. In 2021, BuzzFeed News did just that following an article series regarding the detention of thousands of Muslims in China. You’d think that would be enough to cement your future in journalism for years to come. Two years later though and BuzzFeed News will no longer have a chance to win such a prestigious award again as the entire division is shutting down.
On April 20th, BuzzFeed’s Chief Executive Jonah Peretti announced 15% of the the company’s workforce would be laid off, including its entire news division. Not only would the entire division be getting pink slips, but it would also be shuttering completely. “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti said.
While noting some staffers may be able to find new roles at HuffPost, Peretti put money at the front and center of the situation. ““Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” he said. He also implied HuffPost has “a loyal audience.” Some in the news industry are suggesting this move was not unforeseen, especially given comments BuzzFeed made in January of this year.
The company experienced a quick jump in their stock when they announced earlier this year that they would be using artificial intelligence to generate website content. This bump later dropped back down, given that AI generated content isn’t exactly something that many people are entirely keen on, in addition to general economic concerns in media agencies. And according to CNN Money, the company’s stock has dropped another 20% following the announcement of layoffs.
Our hearts and thoughts are with those who are affected by these layoffs. Hopefully the HuffPost can make room for the talented individuals who were able to earn one of the most prestigious awards that a journalistic outlet can receive. That ability deserves to find a place somewhere it can be respected and rewarded.
