And then lays off 30% of the staff and shutters two websites.
“During an online meeting Tuesday, BuzzFeed CEO Jonah Peretti announced 47 HuffPost employees would be immediately laid off, which apparently adds up to a whopping 30 percent of the HuffPost staff.
BuzzFeed also laid off everyone and shuttered entirely both HuffPost Canada and HuffPost Quebec. This included killing the websites. One HuffPost Canada employee said no one received notice the ten-year-old site was going to be shut down”
Wow. I didn’t realize Buzzfeed was that big.
They really aren’t, a year or two back they laid off a few dozen employees and shuttered one website because it was a money pit. That briefly returned them to profitability, along with their YouTube earnings from their non-news/opinion channels.
They used some of that cash to buy Huffpo, now they are on a slash and burn program to thin the payroll to manageable levels and hopefully gain some of Huffpo’s audience. Good luck with that, nobody is reading that swill, which is why they are broke in the first place.
Also interesting that AT&T is looking to unload CNN, given CNN has a $150billion debt. They were already headed down the crapper before Trump left office and they lost 40% of their eyeballs.
While I would love nothing more than to see Cuomo and Stelter cleaning sewers on the side of the road. Reality is Fox news would probably hire them.
Lefty media is in financial trouble, hopefully we see more of them on the unemployment line in the near future. Partly because they have lied themselves into a wall and partly because nearly all American mainstream media reporting has been outsourced to China.
Like all corporate takeovers they use OPM’s (other peoples money), hollow it out for any value and then sell it off for a vastly reduced amount. The share holders are left with valueless shares.