As “New Media” slowly becomes the new “Old Media” companies like Buzzfeed and Vice are facing new realities, the same realities that “Old Media” faced down for years. Like Vice, Buzzfeed is laregly financed by old media money and like old media, Buzzfeed has been scrambling to reinvent itself to ensure relevance. But this effort is proving to be a tough one as the company is about to eliminate 100 jobs in a reorg of its business side. In a statement, CEO Jonah Peretti used the buzzword every media company that has been laying off workers uses: “EVOLVE”
“As our strategy evolves, we need to evolve our organization, too — particularly our Business team. Unfortunately, this means we have to say goodbye to some talented colleagues whose work has helped us tremendously”
This news comes behind a Wall Street Journal report that said Buzzfeed is on track to miss its revenue mark for the year by a significant amount.
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