Order issued to close this media company which has won Pulitzer Prize for best work, fear in the industry as soon as CEO’s statement.

Media Company Close: The effect of recession is gradually becoming widespread in the world. Many companies are gradually closing their business. Recently a big company named Milk Run had decided to close the business. After that now information related to the media industry has come. This is shocking news for the people associated with the global media industry. Pulitzer Prize-winning news company BuzzFeed.com is being shut down. The media outlet said it is slashing workforce by about 15 percent across business, content, tech and admin teams and is beginning the process of shutting down BuzzFeed News. In addition, we are proposing to reduce the number of employees in some international markets, Peretti said in a memo to employees.

CEO gave statement

While layoffs are occurring in nearly every division, we have determined that the company cannot continue to operate BuzzFeed News as a standalone organization, Peretti said in the memo shared with The Verge. The company will focus on HuffPost, which it acquired in 2020, as the company’s news brand. The CEO added that affected employees (in addition to BuzzFeed News) will be receiving an email from HR shortly. If you’re receiving this note from me, you are not affected by today’s changes. For BuzzFeed News, we have begun discussions with the News Guild about these assignments. CRO Edgar Hernandez and COO Christian Baesler have both decided to exit the company.

Because of this such situation came

Peretti stated that we will engage with the News Guild regarding our cost reduction plans and what this will mean for affected union members. HuffPost and BuzzFeed.com have indicated that they will launch a number of featured roles for members of BuzzFeed News. These roles will be aligned with the business goals of those divisions and will match the skills and strengths of BuzzFeed News’ many editors and reporters. The CEO said that we have faced more challenges than we can count in the last few years. We’ve seen the pandemic, the vanishing SPAC market that yields less capital, the tech recession, the tough economy, the falling stock market, the shrinking digital advertising market, and the ongoing audience and platform shifts.