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BuzzFeed - 1 Jonah Peretti - 1 ” - 1 Peretti - 1 NTWRK - 1 ” Peretti - 1 Jimmy Iovine - 1 Goldman Sachs - 1
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☆ BuzzFeed sells Complex Networks for less than half of what it paid and slashes 16% of staff
  + stars: | 2024-02-21 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +4 min
“This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK’s expansive, commerce-driven business.”The uniting of NTWRK and Complex is, indeed, something of a natural marriage. NTWRK serves as a marketplace for many of the items that Complex covers, such as sneakers. BuzzFeed has been something of an avatar for such struggles among digital publishers. In April, BuzzFeed shut down BuzzFeed News, its award-winning news division that once boasted hundreds of employees and bureaus around the world. Reuters reported last week that The Independent is in talks to take control of the company’s UK operations.
Persons: BuzzFeed, Jonah Peretti, ”, Peretti, NTWRK, ” Peretti, Jimmy Iovine, Goldman Sachs, TikTok Organizations: New, New York CNN, Networks, Digital, New York Times, CNN, Reuters, ”, Universal Music Group, Main Street Advisors, Universal Locations: New York
☆ BuzzFeed News will shut down
  + stars: | 2023-04-20 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +5 min
New York CNN —BuzzFeed News, the Pulitzer Prize-winning digital news website that that took the internet by storm roughly a decade ago and inspired jealousy from legacy media organizations, will shutter, BuzzFeed chief executive Jonah Peretti announced Thursday. “While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti told staffers. BuzzFeed has “begun discussions with the News Guild,” the union which represents staffers at the company, about the actions. “HuffPost and BuzzFeed Dot Com have signaled that they will open a number of select roles for members of BuzzFeed News,” Peretti told employees. The news that BuzzFeed News will shutter prompted an outpouring of messages posted online from former BuzzFeed News staffers who expressed sadness and dismay.
☆ BuzzFeed’s CEO says AI could usher in a ‘new model for digital media,’ but warns against a ‘dystopian’ path
  + stars: | 2023-01-26 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +4 min
“I think that there are two paths for AI in digital media,” Peretti said. But, with AI, the staffer could write the questions and the software could spit out a highly personalized response for the user. In the supplied example, a user would take a quick quiz and the AI would write a short RomCom using the data provided. “There’s the CNET path, and then there is the path that BuzzFeed is focused on,” Peretti said. “I think the content farm model of AI will feel very depressing and dystopian.”
☆ BuzzFeed says it will use AI to help create content, stock jumps 150%
  + stars: | 2023-01-26 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +2 min
BuzzFeed, for now, will not use artificial intelligence to help write news stories, a spokesperson told CNN. Media industry leaders have increasingly said that artificial intelligence will revolutionize their businesses. CNET recently used an artificial intelligence tool to help write stories. But, Guglielmo said, the outlet will not shy away from using artificial intelligence moving forward. The Associated Press also began using artificial intelligence to automate news stories nearly a decade ago.
☆ BuzzFeed slashes 12% of its workforce, citing ‘worsening macroeconomic conditions’
  + stars: | 2022-12-06 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +2 min
New York CNN Business —BuzzFeed on Tuesday said it would lay off approximately 12% of its staff, making the digital news and entertainment conglomerate the latest media company to make painful cuts amid a deteriorating economic climate. In a note to impacted employees, Jonah Peretti, the company’s founder and chief executive, blamed the cuts on “a combination of worsening macroeconomic conditions” and changes in how people consume media. The spokesperson added that there were no cuts made to its Tasty food brand, BuzzFeed News, or HuffPost, which BuzzFeed also acquired. A slew of media companies have slashed costs in recent months as the advertising market weakens and the economic outlook becomes dimmer. “While I believe in the strategy we’re pursuing, and know it’s necessary to navigate the challenging year ahead, that’s no comfort if you are directly affected.”
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