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Buzzfeed's closure of its news unit and layoffs of 180 employees raise concerns for the future of digital journalism amid the challenges of the media landscape and media consolidation.
CEO Jonah Peretti announced the shutdown of BuzzFeed’s Pulitzer-winning news division and cuts to 15% of its staff. The company will continue to publish news on HuffPost.
Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.
In an email Jonah Peretti said the tech platforms had been unwilling to help secure the money needed for Buzzfeed News to survive.
"We can't keep losing money."