Buzzfeed Newsroom Shutdown, Raised Hundreds Of Millions, Can’t Stay Afloat
Episode Stats
Words per Minute
174.55122
Summary
Buzzfeed is laying off a bunch of people and downsizing their news division. They say they re shifting the focus to its Pulitzer Prize-winning news division, which I'm sure is going to be great, but despite the millions of dollars poured into this trash media company, they couldn t keep it afloat.
Transcript
00:00:00.000
Well, another great news, BuzzFeed, yes, BuzzFeed, we love them, is laying off a bunch of people.
00:00:07.020
They're shutting down their newsroom and downsizing.
00:00:09.840
They say that they're shifting the focus to its Pulitzer Prize winning news division, which I'm sure is going to be great stuff.
00:00:15.860
So despite the millions poured into this trash media, they couldn't keep it afloat.
00:00:21.160
Their kind of shitlib content is literally easy to find.
00:00:25.060
It's everywhere. It's not special. It's not cutting edge. It's not shocking.
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I saw a lot of the journalists that were laid off were saying it's a sad day for the future of journalism.
00:00:36.520
What would we ever do without BuzzFeed out there?
00:00:39.660
So BuzzFeed shares have dropped more than 40 percent since the company went public in early December.
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They acquired HuffPoop in early 2021, and they had to lay off several dozen of its staffers right after.
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Remember that? BuzzFeed's earnings was earnings called Tuesday.
00:00:54.680
Last Tuesday, CEO Jonah Preddy said the company is accelerating its investment in vertical video.
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The smartphone format used on the increasingly popular video sharing site TikTok.
00:01:07.460
And its news division will get smaller and prioritize the areas of coverage our audience connects with most,
00:01:13.840
which is basically entertainment, celebrities, and culture.
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So they're going to be going to TikTok, doing TikTok videos about dumb celebrities and trash TV shows and all this.
00:01:31.640
There was like the whole, that whole scene of HuffPoop and Mick and like all these entities basically did the same thing.
00:01:38.520
Yeah. So they're going to involve focusing on big breaking news, culture and entertainment, celebrities, and life on the Internet on TikTok with vertical video, which Henrik hates.
00:01:49.820
And then BuzzFeed said that there was a bunch of workers that were laid off, oh, poor things, you know,
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and they were unable to sell their stocks on the IPO, on IPO day because of some clerical error.
00:02:03.640
So then all the stocks is tanked, so they weren't able to make some money for all their hard work.
00:02:09.660
But as you said, Henrik, you know, we've outlived BuzzFeed, right, which is amazing, despite all the opposition, the censorship, the blacklisting, the defamation, running on pennies, essentially, compared to them, keeping alive because of you guys.
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Total funding, right? Here it is. Let me go full screen here for you guys.
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Again, I mean, sure, we're doing this on a shoestring budget, you know, but like look at the amount of money here.
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Let me scroll to the side here. You have a date here.
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So the latest one, December 3rd, 2021, BuzzFeed.
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Now, you know, as a technicality, yes, BuzzFeed News is considered a subdivision.
00:02:51.100
But in fact, BuzzFeed News is so bad, as you said, they're losing, what, $10 million a month or what was it, a year?
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But they said that the overall market capitalization value of BuzzFeed as a brand would increase about $360 million
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But anyway, December 3rd, 2021, $150 million raised.
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It goes off another $50 million, $20 million, $15 million, $8 million, $3.5 million, right?
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But, and sure, some of them are like, well, what do they consider, like IPO debt or something?
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But anyway, the point is, they are going down the toilet with this amount of money.
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And remember, like, the dirty journalism that they've been doing to this guy.
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Remember the P dossier on Trump and, like, the most unscrupulous so-called journalism that you can imagine this particular brand has been behind.
00:04:05.600
And so they are definitely, this is wonderful news.
00:04:11.600
And then they complain about a $10 super chat, you know, how crazy it is.
00:04:15.700
Remember this piece, how Sweden became the most alt-right country in Europe, right?
00:04:22.840
But I was interviewed for this one, and at the time, I was like, yeah, I don't know about this.
00:04:28.260
But I was like, all right, I'll take one for the team, right?
00:04:34.940
When we had association with, you know, Spencer and some of these people, right?
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But anyway, so, you know, this is like some ha-ha funny hit piece here on everyone.
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And I remember talking to Jay Lester Federer, or feeder, right?
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So I'm sure he didn't get any of those money, the stock money, if they even had any.
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If you look at his feed now, it's basically a bunch of like, oh, my, what are they doing to the gays in Ukraine and Russia?
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It's like full of like, all it is is like LGBT.
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But it's literally just a string of gay feeds here.
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Actually, on my wiki page, one of the guys that's sourced a lot, sourced, yeah, right, is a BuzzFeed guy.
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And he was caught with kiddie porn on his laptop and then just kind of disappeared.
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You know, that's the kind of people that they employed.
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We are at least for now slated to outlive these kinds of organizations.
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And I'm just kind of, I'm not obsessed with them and what they do.
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Unlike from them, from, you know, about us basically, right?
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Not only us, but I'm talking generally about like the far right or whatever the hell.
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