BuzzFeed and Vice Media in “frenetic retreat,” states CNN post
The digital media revolution is over, states a CNN post.
“Its two leaders,” continues the CNN post, “Vice Media and BuzzFeed, are in a frenetic retreat, surrendering much of their online empires as they try to protect what remains of their core assets. Having once threatened to upend the entire industry and usher in a new era of news distribution and monetization, the former digital media darlings are now merely attempting to survive in any form they can.
“As they retreat, their large newsrooms once filled with rows of journalists are now shutting off the lights and closing their doors. BuzzFeed, already slimmed down after several waves of layoffs, announced this week that it will slash another 16% of its staff as it undergoes “planned strategic restructuring” to reduce costs. And Vice Media said Thursday that it will lay off hundreds of staffers as it ceases publishing on its own website and pivots into a business that resembles a studio.”
“All digital publishers have struggled in recent years as they navigate brutal industry headwinds, brought on by a softened advertising market now dominated by Big Tech titans and plummeting referral traffic. Not to mention, the looming threat of artificial intelligence, also brought on by Big Tech titans,” states the CNN post.
Earlier this week, The Hill reported that BuzzFeed sold Complex Networks to NTWRK, a livestreaming video commerce platform, “at a significantly discounted price tag, and it will cut another 16 percent of its remaining staff.” The $108.6 million all-cash deal comes just more than two years since BuzzFeed acquired pop culture media startup Complex in December 2021 for nearly $300 million, more than double the cost of the current sale.
