BuzzFeed Hemorrhaging Money, On the Verge of Shutting Down

Looks like somebody is going to need to learn to code.

New York Post:

Investors at BuzzFeed are reportedly pressuring CEO Jonah Peretti to close down its entire money-losing news operation as senior journalists announced their resignations on Tuesday.

Mark Schoffs, the editor in chief of BuzzFeed News, and two of his top deputies quit in the latest sign of turmoil at the cash-strapped company.

Schoofs informed staffers at the online publication that he would be stepping down on Tuesday, according to The Information.

Tom Namako, Schoofs’ deputy news editor, and Ariel Kaminer, the executive editor of investigations, also announced that they planned on leaving their posts, according to the report.

Journalists working for the site have been told that more job cuts are in the offing, The Information reported.

Fewer than 30 journalists in the 100-person newsroom have already been offered buyouts, according to CNBC.

The reporters who were offered exit packages cover investigations, inequality, politics, and science. Many of them have worked for BuzzFeed for more than a year.

The news operation at BuzzFeed loses around $10 million per year, CNBC reported.

The network quoted a shareholder as saying that closing down the news operation could boost the company’s market capitalization by up to $300 million.

Peretti is reportedly aiming to turn the newsroom around and make it profitable.

It is unclear how a shutdown of the newsroom would affect HuffPost, which was acquired by BuzzFeed.

Last year, Peretti laid off 70 HuffPost staffers after buying the news site from Verizon Media.

Yeah, I remember that.

Some faggot that was harassing me and my family got fired. Can’t think of his name, he was some seriously deranged fat weirdo, who used to write these Albert Fish type screeds about me.

Anyway, BuzzFeed is shutting down because no one reads it which… really doesn’t mean anything. It’s funny that these people lose their jobs, and I hope a lot of them kill themselves. But other than that, it doesn’t imply some larger “move away from the left” as conservatives tend to claim. Basically, these companies just have very inefficient business models, and aren’t really capable of appealing even to people who agree with them because they’re silly, annoying, preachy, and most of all, boring.

Maybe to some degree leftists are getting sick of being harassed by leftist moral panics and hysterical lectures. I’m sure they are also disenfranchised by the cartoonish ineptitude of the Biden Administration. But that doesn’t really change the fact that most people remain locked into the system, getting vaxed, supporting Anal Aryans in the Ukraine, or whatever the current thing is next.

The lines have already been drawn.

Anyway, whenever I think about telling these laid-off journalists to learn to code, I think of that Tool song about California sinking into the ocean where he says “learn to swim.”

The video is good, but I can’t find one that isn’t radio friendly. Editing out curse words really kills any song.

Tool was sort of a right-wing band in a lot of ways. They were calling for an apocalypse when I was still in middle school.