BuzzFeed’s news organization has about 100 employees and loses roughly $10 million a year, according to people familiar with the matter.
Highlights
- The news division loses $10 million a year, people familiar with it say.
- The decision to shut down the division could add up to $300 million to the $2 billion loss.
- BuzzFeed has offered a voluntary buyout to more than 30 staff members.
- The company has won several awards for its work, including a Pulitzer and an award for excellence in its content, a source says.
- The move would be “good for the world, good for our culture,” the founder says of the news division, “and good for the rest of the world” and “our future,” the source said.
- The news organization has about 100 employees and is losing money, according to a source.