Former President Donald Trump gets the last laugh as BuzzFeed announced that it is shutting down its liberal news division on Thursday.
BuzzFeed CEO Jonah Peretti told employees that it will be sunsetting BuzzFeed News due to the company losing upwards of $10 million per year on its news division.
BREAKING: BuzzFeed, the digital media company which gained notoriety for publishing the now-debunked Steele Dossier, is being shut down, according to a memo from BuzzFeed Inc. CEO Jonah Peretti. The dossier was funded by @HillaryClinton campaign and used to push the discredited… pic.twitter.com/3WfNwTCZ9s
— Simon Ateba (@simonateba) April 20, 2023
“We are reducing our workforce by approximately 15 percent today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News,” Peretti said in a memo.
“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. I overinvested in BuzzFeed News because I love their work and mission so much,” he continued. “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-build for social media.”
Peretti also noted that some staff members of the leftist news outlet will be moving to the company’s sister site, the Huffington Post.
BuzzFeed News previously caused outrage across the country for publishing the entire bogus Steele dossier that accused Trump of numerous crimes. Despite the report being fact-checked for several errors, the news outlet said that they have no plans to remove the dossier.
Another possible reason for BuzzFeed News’ downfall could also be linked to its costly “union,” which they ironically claimed has helped the company build a “stronger newsroom while staying nimble.” Last year, the “union” began a strike as the business was already having trouble turning a profit.
Shareholders have also urged Peretti to shut down the whole news division after BuzzFeed’s stock closed over six percent higher at $5.27 in March.
As expected, conservatives were celebrating BuzzFeed News’ closure, with many calling it karma for publishing a phony report against Trump.
“Here [are] the top 10 reasons I don’t care about Buzzfeed news going under,” conservative podcaster Tim Dillon tweeted.
“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,” wrote right-wing journalist Greg Price.
