Eventually, the wicked tire of paying the price to pretend their servants are successful:
Investors at BuzzFeed are reportedly pressuring CEO Jonah Peretti to close down its entire money-losing news operation as senior journalists announced their resignations on Tuesday.
Mark Schoffs, the editor in chief of BuzzFeed News, and two of his top deputies quit in the latest sign of turmoil at the cash-strapped company.
Schoffs informed staffers at the online publication that he would be stepping down on Tuesday, according to The Information. Tom Namako, Schoffs’ deputy news editor, and Ariel Kaminer, the executive editor of investigations, also announced that they planned on leaving their posts, according to the report.
Journalists working for the site have been told that more job cuts are in the offing, The Information reported. Fewer than 30 journalists in the 100-person newsroom have already been offered buyouts, according to CNBC. The reporters who were offered exit packages cover investigations, inequality, politics, and science. Many of them have worked for BuzzFeed for more than a year.
The news operation at BuzzFeed loses around $10 million per year, CNBC reported. BuzzFeed is expected to lose between $15 million and $20 million in the first quarter of this year.
Imagine how much content we could produce if we were willing to burn $80 million per year. And keep in mind, this is what supposed “success” looks like. Who needs it? Who even wants it?