buzzfeed
New York (AFP) - BuzzFeed announced Thursday that it was shutting its news division as part of layoffs, signalling the end of one of the most notable news websites of the internet era. The company cited challenges including recession in the tech sector and the struggling stock market, with CEO Jonah Peretti admitting he was partly at fault for the closure. "We are reducing our workforce by approximately 15 percent today... and beginning the process of closing BuzzFeed News," Peretti wrote in a memo to staff. The announcement is the latest to rock the US media landscape as outlets battle with f...
AFP
New York (AFP) - BuzzFeed announced Thursday that it was shutting its news division, signalling the end of one of the most notable news websites of the internet era. "We are reducing our workforce by approximately 15 percent today... and beginning the process of closing BuzzFeed News," chief executive Jonah Peretti wrote in a memo to staff. BuzzFeed shares plunged more than 20 percent on Wall Street following the news. "We've determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," said Peretti. He cited a number of challenges, including the coron...
AFP
New York (AFP) - American digital company BuzzFeed, known for its viral content and journalism, will go public on Monday after it initially raised less money than expected. In a press release Friday, BuzzFeed said it had finalized a merger with 890 5th Avenue Partners, a special purpose acquisition company (SPAC), which aims to raise funds through an initial public offering to acquire an existing company. Buzzfeed's shares are expected to start trading on the Nasdaq on Monday under the ticker symbol "BZFD". BuzzFeed aimed to be valued on Wall Street at $1.5 billion but it raised just $16 milli...
AFP
Washington (AFP) - BuzzFeed said Thursday it was acquiring HuffPost in a deal uniting two digital media pioneers seeking fresh momentum in a troubled sector.The deal allows BuzzFeed to take over HuffPost from parent firm Verizon Media, and to use content from other Verizon properties including Yahoo, according to a statement from the companies.It also makes Verizon a minority shareholder in BuzzFeed, with the two firms agreeing to a strategic partnership for content and advertising."We're excited about our partnership with Verizon Media, and mutual benefits that will come from syndicating cont...
AFP
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