𝙱𝚞𝚣𝚣𝙵𝚎𝚎𝚍 𝙷𝚊𝚜 𝚂𝚝𝚛𝚞𝚐𝚐𝚕𝚎𝚍 𝚂𝚒𝚗𝚌𝚎 𝙶𝚘𝚒𝚗𝚐 𝙿𝚞𝚋𝚕𝚒𝚌 𝙸𝚗 𝙳𝚎𝚌𝚎𝚖𝚋𝚎𝚛
After its merger late last year with a shell company, BuzzFeed, once a digital media darling, has had a rough start to life as a public company, with its stock down more than 40%.
As we wrote last year, BuzzFeed isn't just doing outrageous clickbait or articles these days. They've also invested millions in BuzzFeed News - by far its most serious journalism project - and achieved impressive results, including winning the coveted Pulitzer Prize.
Unfortunately, BuzzFeed News is burning through about $10 million a year, leading some investors, understandably more concerned about the bottom line, to call for the entire division to be shut down. So far, CEO Jonah Peretti refuses to go that far, but on Tuesday the company announced it was cutting the division, including the departure of its editor-in-chief.
𝙲𝚑𝚊𝚛𝚝𝚛 | 𝙳𝚊𝚝𝚊 𝚂𝚝𝚘𝚛𝚢𝚝𝚎𝚕𝚕𝚒𝚗𝚐
