BuzzFeed News Shutting Down Due to Financial Woes, Says CEO Jonah Peretti
3 min read
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BuzzFeed News is getting shut down officially and this has attracted reactions from netizens including some memes flooding social media recently. The news outlet has been facing some struggles financially owing to which the decision was made. However, netizens have been reacting on the same unexpectedly on social media. But what exactly made BuzzFeed News head for shutting down?
Read ahead to know more about netizens’ reactions will hilarious memes on BuzzFeed News shutting down.
BuzzFeed News is officially shutting down
The popular news outlet BuzzFeed News is officially shutting down and the announcement about the same was made by Jonah Peretti, CEO of BuzzFeed News. It was announced on 20th April that the company cannot continue anymore and has been facing many challenges including financial problems.
BuzzFeed News is shutting down. pic.twitter.com/TeRh4314HT
— Pop Base (@PopBase) April 20, 2023
A company-wide memo with the announcement made Peretti say “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 organisation”.
What’s making BuzzFeed News shut down?
Jonah Peretti came up with a company-wide memo where he mentioned why BuzzFeed News is heading for a shutdown. The company had been facing financial challenges for some time making even the parent company “overinvest”. The post mentioning the same is trending on the internet.
BREAKING: BuzzFeed news is shutting down. @peretti’s memo: pic.twitter.com/k3vGnHOkcl
— Ben Mullin (@BenMullin) April 20, 2023
Peretti told the staffers about those challenges where the company had to deal with situations like COVID-19, the tech recession, and the tough economy as well. Among the other challenges he mentioned about ” a fading SPAC market that yielded less capital, declining stock market, a decelerating digital advertising market, and ongoing audience shifts”.
— Ben Mullin (@BenMullin) April 20, 2023
Netizens’ Reaction to shutting down of BuzzFeed News
Ever since netizens have come to know about the shutting down of BuzzFeed News. There have been reactions on social media going viral. Many of them had even said that they were tired of the fake news and similar stuff. While many said they supported it for the people having their jobs with the outlet.
Not just that, after BuzzFeed News shutting down announcement. Several hilarious memes too started going viral on the internet. As they made fun of the announcement about the news outlet. Twitter has literally flooded with funny memes after the shutting down announcement of BuzzFeed News came out that you can’t miss out.
The amount of people saying “we won” in response to this have no idea how grim this actually is. Buzzfeed News’ award-winning investigative reporting literally freed a man who was falsely imprisoned for 23 years by a Chicago detective
— girlgenius. (@SlimJosa) April 20, 2023
We’re actually losing some great reporting https://t.co/Sd1hFEMIJ8
i really think we’re underestimating the effects all the collapse of major media outlets are having on our daily lives. it’s scary for npr to drop their multiple shows and presence on twitter or for buzzfeed news to be shutting down. it’s evidence of what is to come next
— nia (@blackverucasalt) April 20, 2023Advertisement
BuzzFeed news is shutting down, while I got like 20,000 new followers on Twitter last month. Why?
— S.L. Kanthan (@Kanthan2030) April 20, 2023
People are sick of propaganda and fake news. Mainstream Western media have lost all sense of journalism and truth.
Independent thinkers with fact-based analysis and global… pic.twitter.com/eT2OmzIcUb
I've been at BuzzFeed News for four months and I loved working with my colleagues. I had a lot of deep reporting on trans communities coming down the pipeline. As a Black trans reporter, this was a dream. I am gutted…and now open for work ha. Hire me lillian.kalish@gmail.com
— lil kalish (@lil_kalish) April 20, 2023
Ruchi Singh
I'm a passionate writer who believes in the magic of words. I'm a former magazine writer and I love reading books that makes people grow to a better person. Every word holds an energy and I use them to create a positive beautiful life. #StayPositive #StayBlessed
