Buzzfeed’s financial position quickly deteriorated as the firm tried to balance a shaky economic environment with declining user engagement and ad revenues.
A namesake in online journalism and Pulitzer Prize winner, Buzzfeed announced it would be shutting its news business . The owner admits to overinvesting in this business, which couldn’t capitalize on changing user behaviors and digital advertising like its larger competitors. Hit by the pandemic and then a tech recession, the company has gone through a series of job cuts and is now contending with losing nearly all its stock value.
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