Benjamin Mullin and Katie Robertson, The New York Times:
BuzzFeed is shutting down its news division as part of an effort to cut 15 percent of its work force, the company’s chief executive, Jonah Peretti, said Thursday in a memo to employees.
[…]
BuzzFeed will continue to publish news on HuffPost, which Mr. Peretti said in his memo was profitable and less dependent on social platforms. He added that the company was moving forward “only with parts of the business that have demonstrated their ability to add to the company’s bottom line.”
Peretti evidently does not appreciate the fact that BuzzFeed News' true value is not reflected by the revenue it generates. BuzzFeed News gives the entire “BuzzFeed” brand a degree of legitimacy and esteem it would not otherwise have.
Before News began publishing serious journalism and winning Pulitzers, BuzzFeed was (appropriately) synonymous with low-quality listicles, quizzes, and clickbait.
The entire conceit was that BuzzFeed.com was the “junk food” that funded important investigative journalism—what is BuzzFeed’s purpose without News?
In other words, BuzzFeed is loosing an essential part of its mullet, as Josh Marshall puts it:
The journalism played an even more niche, operational role. Buzzfeed mastered the distribution element of social media very, very fast. But it had listicles and cat photos and other stuff like that. That’s tons of traffic. But it’s not the prestige play that brings you top shelf premium ad dollars. The journalism was really a loss-leader in that calculus. GM or Bacardi isn’t going to sign on to the be the exclusive sponsor of your Grumpy Cat slideshow, even if millions see it. But put a Pulitzer in the mix and it’s a very different story. There was always a big mullet aspect to these plays: prestige up front (news reporting), party in the back (listicles and memes).