On April 20, 2023, it was announced that BuzzFeed News would shut down, causing a stir in the digital media industry. Despite being a news-breaking digital rival to legacy media brands, the company could not turn a profit, leading to further cost-cutting measures.
BuzzFeed CEO Jonah Peretti sent a memo to employees stating that the company would begin the process of closing down its news division and reducing the rest of its workforce by 15%. The once-iconic media brand's founder and CEO acknowledged that the decision was a difficult one, marking the end of an era for Buzz Feed News.
The news of BuzzFeed News shutting down has garnered a lot of attention, with many people expressing shock and sadness at the announcement.
The company won a Pulitzer Prize, but like many media companies, it struggled to make a profit amidst changing consumer trends and a highly competitive landscape.
While this may mark the end of Buzz Feed News, BuzzFeed Inc. will continue to operate in other areas.