The focus going forward is on reducing layers in the organization, streamlining the product mix, “doubling down” on social-media creators, and bringing AI to the sales process, Peretti said in the memo.FAYETTEVILLE, Arkansas - Former 19 Kids and Counting reality star Josh Duggar downloaded images and video on a work computer of children as young as 7 years old being “abused,” “violated,” and “exploited,” federal prosecutors said in opening statements on Wednesday. Peretti said he decided to “overinvest” in BuzzFeed News “because I love their work and mission so much,” which made him slow “to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.”Ĭhief Revenue Officer Edgar Hernandez and Chief Operating Officer Christian Baesler are leaving as well. bought HuffPost from an unit of Verizon in November 2020. ![]() that catered to millennials and Gen Zers, was a bid to open up other revenue streams and rely less on advertising.īuzzFeed Inc. ![]() The acquisition of Complex, then a joint venture between Hearst and Verizon Communications Inc. The deal valued BuzzFeed at $1.5 billion. The CEO also said he and executives could have “managed these changes better.” The integration of BuzzFeed and Complex, which BuzzFeed bought in 2021 for $300 million, “should have been executed faster and better.”īuzzFeed went public in December 2021 through a merger with a special-purpose acquisition company, or SPAC. ![]() “Dealing with all of these obstacles at once is part of why we’ve needed to make the difficult decisions to eliminate more jobs and reduce spending.” “We’ve faced more challenges than I can count in the past few years: a pandemic, a fading SPAC market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts,” Peretti said in the memo.
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