March 23, 2022
Far-left BuzzFeed News is facing cutbacks, losing $10 million a year, has zero impact on the news cycle, and investors want it “shut down entirely.”
“BuzzFeed is shrinking its money-losing news organization, the company announced Tuesday,” reports CNBC, “amid what people familiar with the matter describe as broader investor concern that the division is weighing down the company.”
“Weighing down the company.”
“Several large shareholders have urged BuzzFeed founder and CEO Jonah Peretti to shut down the entire news operation, said the people [familiar with the matter],” the report continues. “BuzzFeed News, which is part of its content division, has about 100 employees and loses roughly $10 million a year[.]”
Here’s my favorite part: “One shareholder told CNBC shutting down the newsroom could add up to $300 million of market capitalization to the struggling stock.”
Imagine working for a news organization where your extinction will INCREASE the parent company’s value by $300 million.
Come on, that’s funny.
Already BuzzFeed News has “offered voluntary buyouts to fewer than 30 employees” and the editor-in-chief resigned.
Nothing will ever top the #WinningChub created by CNN’s implosion, but this is still pretty sweet.
BuzzFeed was founded in 2006. BuzzFeed News came online in 2011 and was basically a multimillion dollar superPAC for Barack Obama’s reelection campaign, overseen by one of the media’s most successful and dishonest grifters, Ben Smith.
The site was a an obvious left-wing propaganda outlet from day one and, because Breitbart News saw through it immediately, we were a frequent target of some hilarious exposés.
Although their childish attacks on Romney did generate some heat in the news cycle, the site never generated any heat with readers. The comment count was and remains a black hole. After the 2012 election, BuzzFeed basically evaporated. It’s next big splash was Smith’s grotesque decision to publicly release the phony and discredited dossier that falsely accused President Trump of a bunch of lies.
As the ship he built sank, like rats do, Smith jumped off to do some media reporting for the New York Times.
He’s now left the New York Times to create another news organization that he promises will be — lol — objective. It won’t be and it will fail, but Smith will almost achieve what I assume is his primary goal (and the goal of all socialists): to become filthy rich.
For the first time in nearly a decade, I took a look at the BuzzFeed News page today. It’s the walking dead over there.
Where exactly did BuzzFeed News think it would make a mark in a country already drowning in left-wing news outlets disguised as “objective?” What demographic was BuzzFeed News looking to attract by aping everyone else? What was the market they were after? What was the audience?
The whole enterprise is a joke, a vanity publication weighing down its parent company to the tune of $300 million.
If that’s not failure….
Anyway, as I was saying… Lol.