What a tragic day. If fake news outlets keep shutting down like this, who will compete with The Babylon Bee? Maybe CNN will be next!
Here's some of the memo from CEO Jonah Peretti:
Over the next couple of months, we will work together to run a more agile and focused business organization with the capacity to bring in more revenue. We will concentrate our news efforts in HuffPost, a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms.
Translation: We're going to stick with our uber-woke news platform with people who exist in an ideological echo chamber because reaching the masses has failed.
HuffPo: A time capsule for liberals who want to pretend it's still 2005!
I want to explain a little more about why we've come to these deeply painful decisions. We've faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts.
Wait, I thought you guys loved the "adults" who are back in charge!
What's this about a "recession, tough economy, and a declining stock market"?
BuzzFeed News (which is separate from BuzzFeed, FYI) will give its employees the chance to integrate over at HuffPo, where they can enjoy continued decline.
RIP, BuzzFeed News!