A little over a decade after BuzzFeed News came to live, BuzzFeed CEO Jonah Peretti’s willingness to run a prestigious but money-losing news division has run out.
In a memo to staff on Thursday, Peretti announced that BuzzFeed News would be shut down entirely, amid broader layoffs at the company. From now on, “we will have a single news brand in HuffPost, which is profitable,” Peretti wrote. As of Thursday afternoon, BuzzFeed stock was trading below $1 a share.
We’ve chronicled the ups and downs of BuzzFeed News since 2011, when the company hired a blogger named Ben Smith. Here’s part I of its history, from 2011 to 2017. Stay tuned for Part II.
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