On Thursday morning, Buzzfeed Inc. announced that it will be shutting down its news division.
According to NBC News, BuzzFeed CEO Jonah Peretti said that the move was a part of cutting 15 percent of staff from the company.
“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,” he wrote to staff in an email.
The CEO said that he had previously overinvested in the news portion of the company because he loved the contest so much.
“This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media,” he wrote, as reported by NBC News.
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The CEO went on to explain that he will “hold the company to higher standards for profitability” in the future.
In response, conservatives celebrated the downfall of the liberal news network, with Greg Price writing, “For every former Buzzfeed reporter being fired today, take this quiz to find out which industry you’re most suited for: Solar panels, coding, or oil drilling.”
For every former Buzzfeed reporter being fired today, take this quiz to find out which industry you're most suited for: Solar panels, coding, or oil drilling👇https://t.co/trDWM0uWrw
— Greg Price (@greg_price11) April 20, 2023
As America continues to suffer under Biden’s economy, job losses and cuts are coming left and right. Major companies like Disney, Facebook, and now Buzzfeed have had to make major changes to their business model in an effort to stay afloat.
Once again those who push for liberal economic policies are seeing the fruits of their labor.
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