BuzzFeed is shutting down its news arm and parting with 2 top executives
for not holding it to higher profitability standards. At one point, shareholders urged him to shut it down, according to reports.
Peretti controls the company — though the clock is ticking for him to get the share price up. The onetime digital media darling has struggled to live up to expectations since raising millions in venture capital and then BuzzFeed is set to announce its first-quarter financial results on May 9. BuzzFeed declined to comment on the record.Hi all,
The changes the Business Organization is making today are focused on reducing layers in their organization, increasing speed and effectiveness of pitches, streamlining our product mix, doubling down on creators, and beginning to bring AI enhancements to every aspect of our sales process. But I also want to be clear: I could have managed these changes better as the CEO of this company and our leadership team could have performed better despite these circumstances. Our job is to adapt, change, improve, and perform despite the challenges in the world. We can and will do better.
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