BuzzFeed CEO Jonah Peretti told employees Thursday the online news site is shutting down. BuzzFeed will continue to operate as a media organization, and will focus its news efforts on the Huffington Post, which Peretti says is profitable thanks to a loyal audience. TangentBuzzFeed is the latest media company to make major cuts as the industry faces falling revenue and layoffs across the board. But over the past five years, BuzzFeed has cut down on operations, laying off 15% of its workforce in 2019 and shutting down its Australia and U.K. operations in 2020. What To Watch ForThis year, BuzzFeed has gained some attention for its investment in artificial intelligence, which Peretti said in Thursday’s memo he intended to continue ramping up.

Source: Huffington Post April 20, 2023 18:25 UTC