Top News:
Katie Robertson / New York Times:
In an email, BuzzFeed News EIC Mark Schoofs announces his departure and those of two other top editors; CEO Jonah Peretti announces job cuts for ~1.7% of staff — Mark Schoofs, the site's editor in chief, is among the departures. The company's chief executive said BuzzFeed News would need to …
Discussion:
@markdistef, @jimwaterson, Axios, @jasonabbruzzese, @markstenberg3, The Daily Beast, The Wrap, @markstenberg3, The Hill, @edmundlee, @sarafischer, @jane__bradley, Today in Tabs, Press Gazette, @film_girl, @saba_h, @rmc031, @dancow, @papapishu, @peternhess, Gawker, Vanity Fair, @eoinhiggins_, @rebekahentralgo, @janelytv, @rmac18, @palewire, @kateaurthur, @kevincollier, @g_kayy, @cwarzel, @bradydale, @katenocera, @mediaevan, @nausjcaa, @robinwigg, @thesarahkelly, @andybcampbell, @craigsilverman, @matthewstoller, @sivavaid, @jasonabbruzzese, @joshsternberg, @ejdickson, @rachelysanders, @saramorrison, @jamesrbuk, @paulxharris, @ajb_powell, @moorehn, Adweek, @taylorlorenz, @jackmirkinson, @brandyzadrozny, @mrernestowens, @jordanzakarin, @lainnafader, @patrickklepek, @nrg8000, @paolobacigalupi, @charlesornstein, @paperhaus, @sachgau and @esotericcd
Discussion:
Mark Di Stefano / @markdistef: 🚨 Breaking: Three of the most senior editors at Buzzfeed News, including the publication's editor-in-chief Mark Schoofs, are resigning as further job cuts hit the organisation. https://www.theinformation.com/ ...
Jim Waterson / @jimwaterson: BuzzFeed News staff told their editor Mark Schoofs is leaving and that the company will make cuts to its remaining news operation and focus on more profitable news content. (The company's first financial results as a listed company are out today.) https://twitter.com/...
Jason Abbruzzese / @jasonabbruzzese: Just want to say that BuzzFeed News, no matter what happens, was one of the most important news organizations of the last decade. Broke ground in modern reporting, elevated important topics that didnt get a lot of oxygen, boosted the careers of really talented journalists.
Mark Stenberg / @markstenberg3: BREAKING: BuzzFeed News EIC Mark Schoofs has shared internally that the outlet will be downsizing through voluntary buy-outs. BF News lost less money in 2021 than 2020, and Samantha Henig will temporarily replace Schoofs. BuzzFeed has its first earnings call this morning.
Jethro Nededog / The Wrap: BuzzFeed's Top 3 Editors Resign as Layoffs Loom: Read Editor-in-Chief's Letter to Staff
Mark Stenberg / @markstenberg3: The cuts will impact about 1.7% of the total workforce, mostly in the BuzzFeed video and Complex editorial team, according to CEO Jonah Peretti. Buyouts are available to anyone on Investigations, Politics, Inequality, or Science who has worked there for at least a year. https://twitter.com/...
Dominick Mastrangelo / The Hill: BuzzFeed offering buyouts to reduce workforce
Edmund Lee / @edmundlee: BuzzFeed told investors it expects $521 million in revenue and $57 million of pretax profit of this year. In reality, it booked $397 million in revenue and $41 million in pretax income. Now its 3 top editors have resigned, including @SchoofsFeed $bzfd https://www.nytimes.com/...
Sara Fischer / @sarafischer: NEW w @kerrymflynn: @BuzzFeed announced news cuts on 1st earnings call as public company — #'s were up YOY but way lower than what it projected for 2021 to investors ahead of IPO —Projected: $521m revenue, $57m profit —Delivered: $398m revenue, $26m profit https://www.axios.com/...
Jane Bradley / @jane__bradley: I feel like this could be said almost every year for the last three/four years but this is another huge loss of talent for BuzzFeed News: Mark Schoofs, Ariel Kaminer, and Tom Namako are among the best editors, and most experienced, BF has had. https://twitter.com/...
Rusty Foster / Today in Tabs: The American Berserk — Compact, a “radical American journal,” launched this week with a mission …
Bron Maher / Press Gazette: Buzzfeed News editors quit and cuts to come as company falls short of revenue forecast
Christina Warren / @film_girl: 1000% BuzzFeed News has been one of the most important news orgs of the last decade and without it, established media like the Times wouldn't have evolved as it has. https://twitter.com/...
Saba Hamedy / @saba_h: 100%. Also, IMO, encouraged a generation of people to read news more. Thinking about how in college people would check the website for more of the quiz/fun stuff but later began looking to it for news as well. https://twitter.com/...
Rachel Cohen / @rmc031: i completely agree with this https://twitter.com/...
Dan Nguyen / @dancow: on a data-nerd sidenote, BuzzFeed News was arguably the most transparent and generous (especially for the size of its newsroom) in open sourcing the code and data behind their investigations https://github.com/... https://twitter.com/... https://twitter.com/...
@papapishu: While I understand the need for social video I do wonder what the end game is for companies hiring for tik tok aside from the idea that it's something to do. Like what is the revenue stream if you're not one deranged person with a ring light. https://twitter.com/...
Peter Hess / @peternhess: “Mr. Peretti said that short-form vertical video, like those on TikTok, was emerging as the ‘preferred content format’ for young people and the company would accelerate its investment in such videos.” maybe a pivot to SHORT-FORM VERTICAL video will work! https://www.nytimes.com/...
Tarpley Hitt / Gawker: BuzzFeed Is Downsizing — Three months after BuzzFeed went public, BuzzFeed CEO Jonah Peretti announced …
Charlotte Klein / Vanity Fair: BuzzFeed News Editor in Chief Resigns Amid Company-Wide Job Cuts
@eoinhiggins_: Dying digital media property shuffle: Job cuts-lower traffic-bleeding ad revenue-more cuts-lower traffic-bleeding ad revenue-more cuts-rinse-repeat https://twitter.com/...
@rebekahentralgo: Awful, awful news. It's clear the IPO was disastrous for journalism. Sending love and solidarity to everyone at Buzzfeed News, especially union members who've been fighting for a strong first contract for over two years. https://twitter.com/...
Jane Lytvynenko / @janelytv: Unconscionable decision to further decimate the newsroom. A newsroom that has won a Pulitzer, Mirror awards, broken life-changing stories, and most recently had reporters on the ground in Ukraine. Endless love to my former colleagues. No love to the people making these decisions. https://twitter.com/...
@rmac18: BuzzFeed News was what it was because of the people. The groundbreaking journalism was a byproduct of being around the bravest and most caring people in the business, and I'm sad that they are being whittled away. It feels like your childhood home is on fire.
Ben Welsh / @palewire: Brutal news for one of the best digital newsrooms. @SchoofsFeed and so many others worked long and hard to bring quality and respectability to the @buzzfeed brand. https://twitter.com/...
Kate Aurthur / @kateaurthur: I looked at the awful quote-tweets for this story, which are full of spite. BuzzFeed News has been a fantastic organization for years. That IPO was obviously a catastrophic failure on every level, and a ridiculous failure of management. Standing with my friends today. https://twitter.com/...
Kevin Collier / @kevincollier: Ah yes, that traditional path for online news to become a successful business: squander all the investment you made from years of investing in journalists and a supportive newsroom, force or incentivize most remaining quality reporters and editors to leave, , profit. https://twitter.com/...
@g_kayy: People laughing about this because they don't understand the difference between BuzzFeed & BuzzFeed News is astounding. Since 2016 they've been one of the leading US media publications. This is a shame. https://twitter.com/...
Charlie Warzel / @cwarzel: this is such terrible news. Mark, Ariel, and Tom are wonderful people and editors and this whole situation is so depressing and shitty https://twitter.com/...
Brady Dale / @bradydale: Who did the “stop me if you've heard this one before” tweet first? You get a prize https://www.axios.com/...
Kate Nocera / @katenocera: it makes me very sad and it's tragic that an excellent newsroom has to go through this every few years. https://twitter.com/...
Evan DeSimone / @mediaevan: Buzzfeed News has been a consistently great product and it's unfortunate that it's never been able to pay for itself. https://www.thedailybeast.com/ ...
Nausicaa Renner / @nausjcaa: feel like this is going to be the case for a lot of media companies that projected revenues based on success during Trump https://twitter.com/...
Robin Wigglesworth / @robinwigg: Sounds like a great time for me to join a digital news vertical. https://twitter.com/...
Sarah Kelly / @thesarahkelly: I have yet to see a news organization improve its journalism through layoffs and buyouts and I've been around since 2011. https://twitter.com/...
Andy Campbell / @andybcampbell: Working in digital media means being told every year that this round of newsroom cuts will definitely lead to better journalism https://twitter.com/...
Craig Silverman / @craigsilverman: Awful, awful news. Thinking of all the great people @BuzzFeedNews https://twitter.com/...
Matt Stoller / @matthewstoller: In Australia, there are too many jobs for journalists because the government has forced big tech firms to bargain with publishers over ad revenue. In the U.S., layoffs are relentless. Pass the JCPA. https://www.thedailybeast.com/ ...
@sivavaid: A sad ending to what was an outstanding news organization. With Slate hurting as well, we have to start realizing the Web-based news economy has only zero-sum winners. https://twitter.com/...
Jason Abbruzzese / @jasonabbruzzese: This is exaclty what im talking about. This kind of intersectional journalism is now very common, which is great! But BuzzFeed News really helped make it that way. https://twitter.com/...
Josh Sternberg / @joshsternberg: Funny how this happens https://twitter.com/...
Ej Dickson / @ejdickson: Buzzfeed News has been and always will be the gold standard for tech and internet culture journalism and I'm just depressed as hell about all of this https://twitter.com/...
Rachel Sanders / @rachelysanders: who could have guessed that jonah peretti's passionate personal commitment to supporting the company's first-class newsroom would last only until the first earnings report ! https://twitter.com/...
Sara Morrison / @saramorrison: no offense to the business side, but making the business side the “interim” editor-in-chief is a very bad sign https://twitter.com/...
James Ball / @jamesrbuk: BuzzFeed editor-in-chief Mark Schoofs is departing. “Buyouts are available to anyone on Investigations, Politics, Inequality, or Science”. Feels like BuzzFeed is just barely clinging onto hard news. https://twitter.com/...
Paul Harris / @paulxharris: What's happened to Buzzfeed News is a real tragedy for the US media landscape. A classic in recent years of a newsroom of lions led by a C-suite of donkeys. https://twitter.com/...
Jamie Powell / @ajb_powell: tell me you listed via Spac without telling me you listed via Spac $BZFD https://twitter.com/...
Heidi N. Moore / @moorehn: “Who some of you know from the business side” — this will be on the tombstone of journalism https://twitter.com/...
Mark Stenberg / Adweek: BuzzFeed News Announces Layoffs and Departure of 3 Top Editors
Taylor Lorenz / @taylorlorenz: What Jason said, and BuzzFeed made legacy news organizations care about the internet and the things happening on it https://twitter.com/...
Jack Mirkinson / @jackmirkinson: take your company public, get a big payday, turn around and lay people off — good going jonah https://twitter.com/...
Brandy Zadrozny / @brandyzadrozny: Heartbreaking to watch execs destroy the best newsrooms over and over again https://twitter.com/...
Ernest Owens / @mrernestowens: Buzzfeed hasn't been “it” for a while. This should come as no surprise. https://www.thedailybeast.com/ ...
Jordan Zakarin / @jordanzakarin: BuzzFeed's executives cashed in big-time on an IPO that sunk like a lead balloon, former employees with stock options got ripped off, and now they're doing another big round of layoffs that throw great reporters under the bus. https://twitter.com/...
Lainna Fader / @lainnafader: News shouldn't have to be “profitable.” Squeezing extra dollars out of shrinking newsrooms is terrible for democracy and another model is badly needed (nonprofits aren't without issues, but VC vultures are vastly more problematic) https://twitter.com/...
Patrick Klepek / @patrickklepek: Very healthy industry, love to be here https://www.thedailybeast.com/ ...
Nathan Ruser / @nrg8000: The rest of BuzzFeed is rapidly just people writing up Reddit threads, but it seems they're set on getting rid of the only part of the company that's still good. 😓🙄 https://twitter.com/...
Paolo Bacigalupi / @paolobacigalupi: We worry about censorship a lot. But this willful blinding of ourselves by shutting down important news in favor of profitable news is what makes us stupid as a society, and is perhaps more profound because it happens so quietly and unobtrusively. https://twitter.com/...
Charles Ornstein / @charlesornstein: Very sorry to read about the major changes coming at BuzzFeed News. The IPO looks like it's been a disaster for journalism. https://twitter.com/...
@paperhaus: How much money are investors giving Ben Smith for his new news org? https://twitter.com/...
Oliver Sachgau / @sachgau: Look at the beats they're cutting. These are the priorities set by management. https://twitter.com/...
@esotericcd: There will be surely be smugness over this on the right, and Buzzfeed has made errors of actual historical importance that deserve criticism, but I take no pleasure in it. Not just b/c “sucks when your job gets blowed up” but because their news div also took bold & smart chances. https://twitter.com/...
RELATED:
Alex Sherman / CNBC:
Sources: several large shareholders have urged BuzzFeed CEO Jonah Peretti to shut down the site's news division, which has ~100 employees and loses ~$10M/year — - Several large shareholders have urged BuzzFeed CEO Jonah Peretti to shut down the company's news organization.
Discussion:
Nieman Lab, @sherman4949, Gawker, @loudmouthjulia, @pfpicardi, @sarafischer, @silvermanjacob, @mollytaft, @lolacoaster, @thesarahkelly, @dannypage, @bernstein, @jeffjarvis, @lebassett, @jeffjarvis, @bgrueskin, @moorehn, @loudmouthjulia, @elainelow, @justin_ling, @sebastianmurdoc, @bobsaietta, @ariellec, @clarissajanlim, @stephgracela, @intothemelwoods, @cwarzel, @chronotope, @pkafka, @loudmouthjulia, @juliareinstein, @mims, @emilybell, @danprimack, @benparr, @moorehn, @markstenberg3, @danfagin, @emilyrpeck, @justinbaragona and @eacrunden
Discussion:
Hanaa' Tameez / Nieman Lab: BuzzFeed News' top editors leave as the company offers buyouts to its investigative, politics, inequality, and science reporters
Alex Sherman / @sherman4949: BuzzFeed's newsroom loses about $10m a year. Some investors think it's eradication could boost the company's market cap by hundreds of millions.
Tarpley Hitt / Gawker: Jonah Peretti Flees BuzzFeed Meeting Before Q&A
Julia Alexander / @loudmouthjulia: This is where I say there are many opinions about what should be done for revenue, internally & externally, but “adults in the room” to make decisions about news media companies is still personally difficult for many of us in and formerly in media. Buzzfeed News won a Pulitzer.
@pfpicardi: Even winning a Pulitzer isn't enough for the ghouls who control the purse strings. Buzzfeed News has done such astounding work, and I hope the best for everyone who works there. https://www.cnbc.com/...
Sara Fischer / @sarafischer: Peretti addressing changes at an all-hands right now with news team, per source familiar: — Says he is committed to news but will no longer subsidize it with revenue from other divisions, a change from the past — Good scoop from @sherman4949 below with context https://twitter.com/...
Jacob Silverman / @silvermanjacob: Depressing that there are like 3 financially viable news orgs https://www.cnbc.com/...
Molly Taft / @mollytaft: the frustrating thing about media opportunists crashing and burning good newsrooms is that media orgs CAN make money! it's just not fuck-you big investor money https://twitter.com/...
Kristin Chirico / @lolacoaster: A mess, I am really sorry y'all https://twitter.com/...
Joe Bernstein / @bernstein: This is my fault. I make $10m a year https://twitter.com/...
Jeff Jarvis / @jeffjarvis: There is no I-told-you here. I mourn the loss of so much talent from BuzzFeed News and its contribution to the larger news ecosystem. All this is simply to say that especially as the total ad market shrinks, expectations of its support for news must be shorn. 6/
Laura Bassett / @lebassett: The layoffs will continue as long as journalism, a public service, is expected to compete and thrive and generate big profits in the free market. It's really frustrating to watch.
Jeff Jarvis / @jeffjarvis: I'm sad about @BuzzFeedNews. It did great work. I've long feared this for I've long said BuzzFeed News didn't have a business model. It was a generous gift to society, subsidized by BuzzFeed & Jonah Peretti, but was no magic bullet for sustainable news. 1/ https://www.cnbc.com/...
Bill Grueskin / @bgrueskin: @sherman4949 I'm curious how they calculate that number, since there are certain benefits—tangible and intangible—that come from having a kickass newsroom
Heidi N. Moore / @moorehn: @sherman4949 who are the shareholders? They shouldn't get anonymity for wanting to break up a newsroom. It would be great to have that info 🙏
Julia Alexander / @loudmouthjulia: I imagine Jonah told shareholders even with advertising revenue up, those advertisers don't want to be on news. Because advertisers don't want to be associated with bad news, which is most news. And therefore news is subsidized because it's important. I assume they don't care. https://twitter.com/...
Elaine Low / @elainelow: The state of modern journalism: “One shareholder told CNBC shutting down the newsroom could add up to $300 million of market capitalization to the struggling stock.” https://twitter.com/...
Justin Ling / @justin_ling: Remember, journalists: If you ever hear the leadership of your company extol the virtues of going public and being acquired, do not trust them. Investors do not want you, and they don't value what you do. https://www.cnbc.com/...
Sebastian Murdock / @sebastianmurdoc: Almost a year ago to the day Jonah laid off 47 HuffPosters without meeting with a single team first. He announced the layoffs in a meeting with the password “spr!ngisH3r3.” His contempt for the brilliant journalists that make him his money continues today. https://twitter.com/...
Robert Silverman / @bobsaietta: again and again and again https://twitter.com/... https://twitter.com/...
Arielle Castillo / @ariellec: What does Buzzfeed even do now beyond this? The videos and quizzes are not a thing since the FB algo and tastes changed https://twitter.com/...
Clarissa-Jan Lim / @clarissajanlim: We're in a newsroom-wide meeting right now and Jonah Peretti left just as the Q&A portion of the meeting started. https://www.cnbc.com/...
Stephanie Grace / @stephgracela: Straight outta Succession https://twitter.com/...
Mel Woods / @intothemelwoods: Oooof. It's been one year since BuzzFeed suddenly shut down our newsrooms in HuffPost Canada and Quebec (and laid off dozens of people in the U.S.). Solidarity with the BuzzFeed staffers navigating this mess right now. https://twitter.com/...
Aram Zucker-Scharff / @chronotope: We definitely should know who exactly is so focused on gutting journalism at BuzzFeed. https://twitter.com/...
Peter Kafka / @pkafka: BuzzFeed is publicly owned but controlled by CEO Jonah Peretti. That's both a reason it still has a news operation - because Peretti wants one - and a reason that its share price is depressed - because Peretti doesn't want to sell. https://twitter.com/...
Julia Alexander / @loudmouthjulia: Some investors. https://twitter.com/... https://twitter.com/...
Julia Reinstein / @juliareinstein: I have worked at this company for nearly 7 years and I've never felt so disrespected than seeing my CEO log off without answering a single question about why he wants to gut my newsroom. https://twitter.com/...
Christopher Mims / @mims: ooof. admire the attempt to make news free to all (no paywalls) but this particular model doesn't seem to be working? sad, count me a fan of Buzzfeed News. https://twitter.com/...
Dan Primack / @danprimack: Dunno who wants news gone, but shareholders w/ 1% or more are: Comcast, NEA, Hears, RRE Ventures, General Atlantic, 200 Park Ave (the SPAC), Andreessen Horowitz, SoftBank and Vanguard. Plus Peretti and fellow co-founder John Johnson. https://twitter.com/...
Ben Parr / @benparr: Media is such a difficult, difficult business. It's much harder to scale a media company to venture scale. There are very people who've found sustainable models. Journalism is at risk if we don't figure out better models to support journalism. https://twitter.com/...
Heidi N. Moore / @moorehn: It would be good to have the names of these shareholders. They should not be allowed to hide behind anonymity, especially since we know that gutting newsrooms is a way for people to avoid accountability. https://twitter.com/...
Mark Stenberg / @markstenberg3: Big development on the BuzzFeed News front: @sherman4949 is reporting that investors want to shut down News entirely, citing its lack of profitability. BuzzFeed wanted the benefits of being a public company. Instead it's getting all the downsides. https://www.cnbc.com/...
Dan Fagin / @danfagin: So sorry to hear this news. @BuzzFeedNews has been so good for so long, maybe the right solution now is to find some philanthropic angels and take it non-profit because current model is losing $10m/yr. https://twitter.com/...
Emily Peck / @emilyrpeck: “Rather than shut down BuzzFeed News, Peretti is attempting to make the division profitable. He has a ready-made template: He made the decision to lay off 70 HuffPost staffers last year” https://twitter.com/...
Justin Baragona / @justinbaragona: Oof, this is bleak! https://twitter.com/...
A.J. Katz / TVNewser:
NBC News Digital names BuzzFeed News deputy EIC Tom Namako as executive editor, starting on April 25, replacing David Firestone, who is retiring after 40+ years — NBC News has named Tom Namako the new Executive Editor of NBC News Digital, beginning April 25.
Discussion:
@catherinekimny, @tomnamako, Variety, Insider, Crain's New York Business, Mediaite, @maggienyt, @mitrakalita, @claudiajo_ms, @lisatozzi, @benyt, @edmundlee and Barrett Media
Discussion:
Catherine Kim / @catherinekimny: So thrilled to share the talented @BuzzFeedNews' @TomNamako is joining @NBCNews Digital as Executive Editor starting April 25. Can't wait to see what this team does together!
Tom Namako / @tomnamako: Thrilled to say that I'm the next executive editor of @NBCNews Digital! I've admired this newsroom for years, and I can't wait to work with its incredibly talented journalists. @CatherineKimNY @fstonenyc and the team have built something special; I'm proud to be a part of it. https://twitter.com/...
Todd Spangler / Variety: Three BuzzFeed News Top Editors Resign, as Digital Media Company Plans More Job Cuts
Steven Perlberg / Insider: BuzzFeed is laying off 1.7% of its workforce and asking for voluntary buyouts in its news division after its first earnings call as a public company
Aidan McLaughlin / Mediaite: BuzzFeed News Editor in Chief Quits and Top Deputy Jumps Ship For NBC Ahead of Staff Cuts
Maggie Haberman / @maggienyt: Go Tom! https://twitter.com/...
S. Mitra Kalita / @mitrakalita: Thrilled to see this news for an editor I regard as so skilled at breaking news, the care and feeding and management of his reporters, and - importantly - diverse hiring and recruitment processes. Congrats to the great @TomNamako https://twitter.com/...
Claudia Meyer-Samargia / @claudiajo_ms: “Tom has also been a leader in diversifying BuzzFeed's newsroom, work that he never considers done,” Kim writes in an internal memo announcing the hire. “Many of you routinely express pride in the culture we've built together, and this is a commitment and conviction Tom shares.” https://twitter.com/...
Lisa Tozzi / @lisatozzi: This is INCREDIBLE news. Tom Namako is the absolute best. He's smart and dedicated and just so much fun to work with. I cannot be more thrilled for him or for NBC Digital. You all are in for a TREAT. https://twitter.com/...
Ben Smith / @benyt: One of the true greats. https://twitter.com/...
Will Feuer / Dow Jones Newswires:
BuzzFeed reports $40.4M in Q4 net income, up 25% YoY from $32.2M, and revenue of $145.7M, up 18% YoY, driven by 33% YoY growth in its content revenue segment — Digital-media publisher BuzzFeed Inc. said its revenue and profit rose in the three months ended Dec. 31.
Discussion:
@sherman4949, @thestalwart, BuzzFeed, The Wrap, Financial Times, @edmundlee, The Information, Poynter, @kerrymflynn, @annaknicolaou, @robojojo, @sarahburris, @annaknicolaou, @silviakillings, @adamsinger, @la__cuen, @edmundlee, @loudmouthjulia, @karenkho, @pkafka, @edmundlee, @adamkelsey, @buzzfeedpr, @aaschapiro, @sherman4949, @jackmirkinson, @willfoia, @mmcauliff, @stevekovach, @hayesbrown, @russbengtson, @royalpratt, @loudmouthjulia and @eliotwb
Discussion:
Alex Sherman / @sherman4949: BuzzFeed CEO Jonah Peretti's decision to offer voluntary buyouts to fewer than 30 newsroom staffers is actually a compromise/olive branch to some significant shareholders who want the entire BuzzFeed newsroom abolished. Scoop here: https://www.cnbc.com/...
Joe Weisenthal / @thestalwart: In Jonah Peretti's remarks during the BuzzFeed earnings call, he repeatedly talks about audiences abandoning Facebook $FB $BZFD https://twitter.com/...
Antoinette Siu / The Wrap: BuzzFeed Grows Q4 Revenue 18% to $146 Million, But Commerce and Engagement Are Slowing Down
Edmund Lee / @edmundlee: Wall Street wants growth above all else for a new public company, so that merger played into that narrative, but that didn't turn out to be the reality here. There was growth, but very slow. There was profit, but not as much. Now staff will be cut.
Rick Edmonds / Poynter: BuzzFeed records a profit but must adapt its business model to include TikTok and Instagram
Kerry Flynn / @kerrymflynn: When BuzzFeed made cuts in 2020, Jonah Peretti said he was still “investing heavily” in news and estimated losing $10 million on it in 2020 and $6 million in 2021, per @guardian: https://www.theguardian.com/ ... Things change when you're public, per @sherman4949: https://www.cnbc.com/...
Anna Nicolaou / @annaknicolaou: same morning: Buzzfeed reports revenue is 31% lower than it promised to investors last year. Buzzfeed told investors it would make $520m in 2021, and this would soar to $1.1bn in 2024. actual 2021 revenue: $398m. https://twitter.com/...
Joe Erbentraut / @robojojo: The fallout from the news industry's “pivot to video” (c. 2015) sure feels like a neverending story https://twitter.com/...
Sarah Burris / @sarahburris: I've seen the same thing anecdotally. People annoyed with right-wing ads and stories taking over their newsfeeds have fled. All the while, Facebook has downgraded external news links (again). https://twitter.com/...
Anna Nicolaou / @annaknicolaou: this is also part of the restructuring for buzzfeed news. ‘pivot to tiktok’ is the new pivot to video https://twitter.com/...
Silvia Killingsworth / @silviakillings: Mark Zuckerberg's nightmare https://twitter.com/...
Adam Singer / @adamsinger: What a disaster. They never should have been public. https://twitter.com/...
Leigh Cuen / @la__cuen: Media companies cannot build expecting Facebook, Twitter, or Discord to enable perpetual growth. Traffic go up is not a sustainable business strategy. https://twitter.com/... https://twitter.com/...
Edmund Lee / @edmundlee: Looking ahead to the first 3 months of this year, $bzfd expects revenue to DROP and losses to top $20 million. BUT, the company's stock-based awards will INCREASE by about $4.5 million. Some employees have not been able to sell their stock: https://www.nytimes.com/...
Julia Alexander / @loudmouthjulia: Believe (if my math is correct, I haven't had coffee) that Buzzfeed's actual EBITDA is about $31.05M compared to the reported adjusted EBITDA of $34.21M. Current stock sitting at $4.95 a share before the market opens.
Karen K. Ho / @karenkho: a newsroom can be nominated for a Pulitzer but I guess that's hard to measure under “goodwill” and drags down shareholder value (this is an accounting joke and also depressing as hell) https://twitter.com/...
Peter Kafka / @pkafka: BuzzFeed projects revenues for Q1 will shrink by “a low single-digit percentage”. While we are here: Michael Del Nin, media vet who organized BF SPAC and was supposed to join BF as president this year, never took the job. He's working for George Soros instead. https://twitter.com/...
Edmund Lee / @edmundlee: To get back to profitability, the company will have to cut staff, Schoofs said in companywide email. You have to ask if the @Complex merger made sense given that BuzzFeed would much more solvent had they not absorbed Complex. Revenues would be UP 30% this qtr, w/out Complex.
@buzzfeedpr: .@BuzzFeed CEO Jonah Peretti, “2021 was a year of significant milestones for BuzzFeed. We became the first publicly traded digital media company, delivered double-digit growth in revenues and profits, and completed the acquisitions of HuffPost and Complex Networks.” $BZFD (2/5)
Avi Asher-Schapiro / @aaschapiro: Would love for someone to find out which BuzzFeed shareholders are pushing for the liquidation of the news department. https://twitter.com/... https://twitter.com/...
Alex Sherman / @sherman4949: I'm fully aware of how dark this is, but I'm going to say it anyway: BuzzFeed shares are up about 4%. https://twitter.com/...
Jack Mirkinson / @jackmirkinson: this right here is part of why we've done @discourse_blog in the way we have—so we are not beholden to vultures like this who want to destroy journalism on their way to a quick buck https://twitter.com/...
Will Feuer / @willfoia: BuzzFeed posts 29% YoY profit growth on 18% revenue growth for Q4, led by strength in the segment that includes sponsored content, BuzzFeed Studios and Complex Networks When it announced the SPAC deal, BuzzFeed said sales would rise about 25% annually through 2024. $BZFD
Michael McAuliff / @mmcauliff: —Delivered: $398m revenue, $26M PROFIT (things like this sure make the non-profit model look pretty promising.) https://twitter.com/...
Steve Kovach / @stevekovach: BuzzFeed investors want to Vaulter the news division. https://www.cnbc.com/...
Hayes Brown / @hayesbrown: I'm shocked to learn that rich people who want immediate massive returns on investments aren't interested in the public good that journalism provides https://twitter.com/...
Russbengtson.Eesh / @russbengtson: fun to live in a time where profitability is the only reason anything should exist i, and i cannot emphasize this enough, hate this place https://twitter.com/...
Gregory Pratt / @royalpratt: Buzzfeed does extraordinary journalism. I am sorry to see newsrooms anywhere struggle https://twitter.com/...
Julia Alexander / @loudmouthjulia: Buzzfeed's advertising & content revenue grew 24% and 33% respectively year over year, with a 37% total increase in annual advertising. Adjusted EBITDA for quarter is down 12% y/y. But operating loss hit -307% compared to 2021. Not too surprising, but engagement is also down 4%. https://twitter.com/...
Sara Fischer / Axios:
Ben Smith and Justin Smith plan to name their media company Semafor, which they believe is “a very viable and successful option” for trademarking globally — Ben and Justin Smith plan to name their new company “Semafor,” a word used to describe a method of communication via two visual signals, the pair confirmed to Axios.
Discussion:
Michael M. Grynbaum / New York Times: Justin and Ben Smith pick a name for their media start-up.
Ben Smith / @benyt: It's not soup, it's @semafor. @sarafischer has the scoop https://www.axios.com/...
Claire Carusillo / Gawker: Ben Smith Named His New Website Semafor
@om: You gotta love @gawker “semafor which sounds exactly like the name of a direct-to-consumer Instagram company that has been tested and recommended by an impartial board of dermatologists at the National Eczema Association.” https://www.gawker.com/... https://twitter.com/...
Sara Fischer / @sarafischer: Semafor means a method of communication via two visual signals — The Smiths will use the phonetic spelling of the word, “Semafor,” as opposed to the more commonly used classical spelling, “Semaphore” — They are very confident about being able to successfully trademark it globally https://twitter.com/...
Jacob Gallagher / @jacobwgallagher: The Smiths are trickling out this company like they're Radiohead announcing a new album. https://twitter.com/...
James Ball / @jamesrbuk: Gotta say, this name raises a red (and yellow) flag or two. https://twitter.com/...
Ben Smith / @semaforben: It's not soup, it's @semafor. @sarafischer has the scoop https://www.axios.com/...
Allan Smith / @akarl_smith: Just the kind of word a college-educated, English-speaking audience would lie about knowing https://twitter.com/...
Josh Barro / @jbarro: Always good to give your company a name everyone will spell wrong https://twitter.com/...
Justin B. Smith / @justin_b_smith: Smiths to name new company “Semafor” https://www.axios.com/...
David Clinch / @davidclinchnews: Welcome to the world @semafor “Building a new global news company.” https://twitter.com/...
Alex Kantrowitz / @kantrowitz: Solid name. 10/10. https://twitter.com/...
James Ball / @jamesrbuk: Doesn't hurt that a phonetic spelling is probably cheaper to buy up as a URL, and to trademark etc. https://twitter.com/...
Dan Primack / @danprimack: Also includes possibility that they're raising $30m as a SAFE — which is.... ummm... giant for a SAFE. And that's not necessarily a great thing. https://twitter.com/...
Katie Jennings / @katiedjennings: How much diligence did they do here? There is already a publicly traded digital health company called Sema4... https://twitter.com/...
Zach Montellaro / @zachmontellaro: let he who doesn't work at The POLITICO cast the first stone https://twitter.com/...
Joshua Benton / @jbenton: Why would you announce you're going to name your site Semafor but then only that you are ***hoping*** to use the URL https://semafor.com/? https://semafor.com/ is currently listed as “for sale” with a starting bid of €800? Make an offer! https://www.axios.com/... https://twitter.com/...
Jennifer Schuessler / New York Times:
A look at Compact, a new online magazine funded by unnamed investors and edited by two religious conservatives and a Marxist labor populist — Compact, a new online magazine edited by two religious conservatives and a Marxist proponent of “labor populism,” aims to challenge both “a libertine left and a libertarian right.”
Discussion:
The Week, New York Magazine, @chaykak, @ne0liberal, @jennyschuessler, @roguenotary, @jatayler, @butleriano, @randygdub, @david_j_roth, @prof_gabriele, @jamesbsumner, @chrislhayes, @taylorlorenz, @silvermanjacob, @elivalley, @eoinhiggins_, @adamjohnsonnyc, @daviduberti, @patrickiber, @kt_so_it_goes, @zeddary, @chaykak, @aaschapiro, @ebruenig, @ashihipar, @poltheoryother, @dgisserious, @jennelizabethj, @matthewschmitz and @jamesrbuk
Discussion:
Sarah Jones / New York Magazine: The Problem With Compact Magazine
Kyle Chayka / @chaykak: new journal of radical American intellectual thought just dropped https://compactmag.com/ https://twitter.com/...
@ne0liberal: A good case for neoliberalism is that all the most annoying people hate it https://twitter.com/...
Jennifer Schuessler / @jennyschuessler: Two religious conservatives & a Marxist walk into a bar, magazine ensues I wrote about Compact, a new online mag which aims to launch a “two-front war” against the neoliberal overclass, challenging both “the libertine left & the libertarian right” https://www.nytimes.com/...
Matt Jameson / @roguenotary: this is pure bluecheck stuff; the rest of us do not have to care at all https://twitter.com/...
@jatayler: From weekly Trump voter safaris to breathless previews of the latest pro-phrenology group project, the Times is dedicated to bringing you all the most in-depth coverage on awful people who can't think https://twitter.com/...
Canderous Ordoliberal / @butleriano: none of these people are conservatives or Marxists, they are all people with Catholic novelist politics. https://twitter.com/...
David Roth / @david_j_roth: Thinking about starting a new magazine that's going to cover the entire spectrum of thought, from various worrying trends on twitter to what might or might not be going on, vibe-wise, at Yale.
Matt Gabriele / @prof_gabriele: listen, it'd be great if some reporters weren't so naive. this is a straight-up tradcath fascist publication https://www.nytimes.com/...
James Sumner / @jamesbsumner: As this sort of thing now represents the contributors' surest path to a steady income, yet the cost to the paymasters is negligible, we can expect the number of such incredible new magazines to rise without limit. The good news is that at some point we'll learn to tune them out. https://twitter.com/...
Chris Hayes / @chrislhayes: In weird way I find this quite clarifying. (Ironically, Marx in the Manifesto warns against making precisely this alliance!) https://twitter.com/...
Taylor Lorenz / @taylorlorenz: Hmmm https://www.nytimes.com/... https://twitter.com/...
Jacob Silverman / @silvermanjacob: hi my friends across the bar liked your vibe and wanted to know if you'd be into starting a theocratic magazine opposed to liberalism https://www.nytimes.com/... (Intrigued by where the money is coming from — the Tablet connection, eg. Also lol that this is designed by Pentagram.) https://twitter.com/...
Eli Valley / @elivalley: Shocked https://www.nytimes.com/... https://twitter.com/... https://twitter.com/...
@eoinhiggins_: Yeah my new magazine is pretty cool. We're fighting the left *and* the right. I mean, not the right. But the left for sure. And our writers are all varied types of conservative. But it's a radical magazine! Anyway pay attention to us please.
Adam H. Johnson / @adamjohnsonnyc: lots of people start lots of things everyday, yet they do not get glossy writes ups in the most important English language newspaper in the world. NYT, whats the hotline prison and union publications can call to get the slick spread and puffery treatment?? https://www.nytimes.com/...
David Uberti / @daviduberti: Shocked to read this about the next publication taking on the overclass https://www.nytimes.com/... https://twitter.com/...
Patrick Iber / @patrickiber: Every political formation gets the magazine it deserves https://twitter.com/...
@kt_so_it_goes: finally, a magazine for me, the dirtbag leftist tradcath christofascist tankie https://twitter.com/...
Zeddy / @zeddary: Horseshoe Mag would have been catchier. Though admittedly it sounds like a 70s porn rag. https://twitter.com/...
Kyle Chayka / @chaykak: it's so hard to be silenced by prevailing social and political norms* *funded by secret investors to start an expensive new digital magazine https://www.nytimes.com/...
Avi Asher-Schapiro / @aaschapiro: Maybe I'm too sensitive, but I was accused of having a conflict of interest by one of the founding editors of this magazine—I guess it's easy to have no conflicts, when you don't disclose your funders https://www.commentary.org/...
Elizabeth Bruenig / @ebruenig: is the title of the mag intentional or?? Compact Magazine is the German neo-fascist rag that routinely publishes Martin Sellner, the Austrian neo-Nazi whose Nazi shit is so extreme he got exiled from the UK and banned from entering the United States https://twitter.com/...
@ashihipar: I'll give them this: the design is sleek and its not ugly which is a rarity for these types of contrarian projects https://twitter.com/...
@poltheoryother: Useful one-stop shop for every edgelord podcast that can't be bothered to search widely for guests. https://twitter.com/...
Danny Gold / @dgisserious: The insatiable appetite you people (everyone but my followers) have for takes is unending. Thinking i can invent a “my only ideology is contrarianism” character and clear 7 figures on substack in 3 months. https://twitter.com/...
@jennelizabethj: NYT should preemptively write about and give space to new media that isn't garbage https://twitter.com/...
Sara Fischer / Axios:
Recurrent Ventures, owner of Popular Science and MEL, acquires digital and print B2B publication Business of Home, its 25th acquisition in under five years — Recurrent Ventures, a venture equity-backed digital media company, has acquired Business of Home, a digital and print publication dedicated …
Discussion:
Sara Fischer / @sarafischer: Recurrent Ventures acquires @BusinessOfHome, its 25th brand — It will compliment @domino @SAVEURMAG and Recurrent's other home/hospitality brands https://www.axios.com/...
Sara Fischer / Axios:
Ex-Trump staffers, including Donald Trump Jr., are launching a news aggregation app called MxM News, to fill a void left by the Drudge Report's waning influence — Former Trump staffers, including Donald Trump, Jr., are launching a news aggregation app called “MxM News” …
Discussion:
The Wrap, @jbenton, @dkiesow, @laurahazardowen, @sarafischer, @surabees, @wickdchiq, @xeni and @mediaevan
Discussion:
Joshua Benton / @jbenton: Is there any point at which reporters will see a Trump-family tech product and think: Ya know, maybe this app *won't* actually “disrupt the mobile news space” and “compete with the likes of Google News,” maybe we shouldn't publish such obvious bullshit https://www.axios.com/...
Laura Hazard Owen / @laurahazardowen: if you like completely disorganized lists of random stories plus a tweet section with one (1) tweet, you are gonna need this app https://twitter.com/... https://twitter.com/...
Sara Fischer / @sarafischer: Yes, but: The news aggregation app market is a difficult one to break into considering several players — like SmartNews — have already raised hundreds of millions of dollars. Others, like Apple News, are preinstalled on hundreds of millions of Apple devices. https://twitter.com/...
Andrew Surabian / @surabees: Proud of my pals @DonaldJTrumpJr @TayFromCA & @Cliff_Sims for creating @mxmnews as an alternative to the nonstop leftwing propaganda coming from apple/google news push notifications. Big Tech needs to be challenged at every level. https://www.axios.com/...
ProPublica:
ProPublica promotes deputy managing editor Tracy Weber to managing editor, succeeding Robin Fields, who served for nine years and is returning to reporting — ProPublica announced Monday that Tracy Weber, deputy managing editor, has been promoted to managing editor.
Discussion:
American Press Institute, @terryparrisjr, @charlesornstein, @gingerthomp1, Associated Press, @pamelacolloff and @sisiwei
Discussion:
American Press Institute: Need to Know: March 22, 2022 — OFF THE TOP — You might have heard: Only 21% …
Terry Parris Jr / @terryparrisjr: i loved working with @tracyweber because she was always game to try something new. that vibe is rarer than you might think. excited for @propublica, tracy and @AlexandraZayas (who was also game, btw). congrats y'all! https://www.propublica.org/...
Charles Ornstein / @charlesornstein: This internal news makes me very very happy. My longtime colleague, good friend and ROCK STAR journalist @tracyweber named ProPublica managing editor. There are not enough superlatives in the English language to describe Tracy! https://www.propublica.org/...
Ginger Thompson / @gingerthomp1: That time when your brilliant editor became the managing editor and she got a badass deputy. Couldn't be prouder of the great @tracyweber and @alexandrazayas nor happier for all of us @propublica. Onward and upward! https://www.propublica.org/...
Pamela Colloff / @pamelacolloff: This is the very best possible news: @tracyweber is our new managing editor. Tracy is everything you hope for at the top of the masthead. A Pulitzer-winning reporter in her own right, she is a visionary, creative force. Everything she touches is better. https://www.propublica.org/...
Sisi Wei / @sisiwei: So happy for @tracyweber @AlexandraZayas @fieldsrobin!!! YES to promoting two incredible editors who have always modeled treating people with respect, empathy, and thoughtfulness. YES to normalizing editors being reporters again, even managing editors. https://www.propublica.org/...
Amanda Silberling / TechCrunch:
Apple announces new Podcasts Connect creator features, including follower counts, uploading MP3 files as subscriber-only audio, and custom subscription banners — Apple Podcasts is rolling out new features to incentivize podcasters to offer paid subscriptions to listeners on the app.
Discussion:
podcasters.apple.com, Podnews, Protocol, Podcast Movement, Newslit Daily, Variety and RAIN News, more at Techmeme »
Discussion:
podcasters.apple.com: Apple Podcasts introduces Follower metrics, MP3 support for subscription audio, and more
James Cridland / Podnews: Apple to add follower numbers
Nat Rubio-Licht / Protocol: Apple Podcasts is trying to lure creators with new tools
Jose Montes de Oca / Newslit Daily: 🧠 A Case Of Shrunken Brains
Todd Spangler / Variety: Apple Podcasts to Launch Follower Metrics for Creators, Stepping Up Challenge to Spotify
Jon Lafayette / Next TV:
NBCU says it has certified eight more Nielsen alternatives for audience measurement and audience verification, including Comscore, DoubleVerify, and Conviva — Certifies providers of audience measurement and audience verification — NBCUniversal, which has been vocal in its search …
Discussion:
Ashley Carman / The Verge:
A look at SiriusXM's Stitcher acquisition, with confusion, culture clash, and shifting goals; many shows and over a quarter of Stitcher's 145 staff have left — SiriusXM leapt into podcasts with a $325 million deal — insiders say it's off to a messy start — Illustrations by Vincent Kilbride for The Verge
Discussion:
@davemolloy, @ashleyrcarman, @chrisbchester, RAIN News, @ashleyrcarman, @simonowens and @jeff_holmes
Discussion:
Dave Molloy / @davemolloy: Great work here by @ashleyrcarman - a topic I always wanted to dive into but could never get commissioned. The dark side of big money in small-medium podcasting. https://www.theverge.com/...
Ashley Carman / @ashleyrcarman: NEW (and my last piece for @verge): SiriusXM bought podcasting institutions — Stitcher and Earwolf — for over $300 million. Now more than a quarter of those employees have left, as have beloved shows. I spoke with 13 former employees about what went wrong https://www.theverge.com/...
Chris Chester / @chrisbchester: Surprise of surprises, this $325 million podcast deal has been rocky. https://www.theverge.com/... Consolidation is the business story of podcasts in the last couple years, but doesn't always appear to work.
Brad Hill / RAIN News: RAIN Notes: Tuesday, March 22
Ashley Carman / @ashleyrcarman: this story, to me, magnifies a broader trend across the industry. It's becoming harder for smaller shows to garner support and care and the amount of downloads that define “success” keeps on growing https://twitter.com/...
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