Networks pushed out top talent and companies from Disney to BuzzFeed imposed brutal layoffs in a dizzying series of cuts.
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the publicion on Tuesday to return to her roots in book publishing. Davis, who will remain on the job until September, joinedduring an internal crisis at the magazine after an old photo of former editor Adam Rapoport in a racist costume surfaced online, prompting an exodus of staffers. At the time, Davis wrote that “when the call came to leave book publishing to take the helm at this storied magazine as it reckoned with racial and cultural equity, it was impossible to resist.” But, she said in aBuzzFeed shuts down BuzzFeed Newsa 15 percent workforce cut across the company, and the dissolution of BuzzFeed News.
It was the end of a complicated saga for BuzzFeed News. The site, founded in 2011 when Peretti poached editor Ben Smith from Politico, was built as a model newsroom in the era of social media. It helped attract a $650 million offer from Disney to buy BuzzFeed in 2013, which Peretti turned down in pursuit of larger profits. By 2015, the company boasted a $1.5 billion valuation, but a huge payout never came. When BuzzFeed when public through a SPAC process late in 2021, its stock sputtered.
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