Buzzfeed shutters HuffPost Canada, downsizing other sectors of HuffPost

Three weeks after BuzzFeed acquired HuffPost from Verizon Media, they have announced HuffPost is being downsized in a “restructuring effort aimed at stemming financial losses.”

Mid-Tuesday, it was announced that HuffPost Canada would shutter all operations later this month. All publication has come to a halt and all articles will exist as an online archive.

This all came just two weeks after HuffPost Canada announced they had filed to join CWA Canada, an all-media union in Canada.

According to HuffPost Canada Union on Twitter, the decision was made before the union was ever formed.

CEO of BuzzFeed, Jonah Peretti told staffers that the decision was made to “fast-track the path to profitability” for HuffPost, enabling the company to break even this year and then down the road make a profit. HuffPost’s losses were a total of roughly $20 million in 2020. The decision will affect 47 U.S. employees.

“Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses,” Peretti said.

“We want to ensure the homepage remains a top destination on the internet,” he added. “We also want to maintain high traffic, preserve your most powerful journalism, lean more deeply into politics and breaking news, and build a stronger business for affiliate revenue and shopping content.”

The ongoing financial crisis brought by COVID shutdowns also affected BuzzFeed, which cut pay to employees and furloughed dozens last summer. They then eventually laid-off 6 per cent of their workforce in response to the economic downturn.

According to Steven Perlberg, he says they are also looking at slimming down their sectors of the UK and Australia.

While HuffPost Canada employees mourned the loss of their jobs, many took to Twitter with an opposite view and approach.

What do you think about the closure of HuffPost Canada? Let us know in the comments below.

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