Google has a stranglehold on the digital ad market (SLL’s ads are provided by WordPress). From Wolf Richter at wolfstreet.com:
So now we have another gutting, this time at the HuffPost, and omertà reigns.
This kind of thing – news publications with lots of traffic gutting their staff because they’ve been losing tons of money – has been happening for years, and these publishers and the media outlets that report on it are under some kind of omertà, and aren’t talking about what is actually causing the losses that trigger the gutting. So now we have another gutting, this time at the HuffPost, and omertà reigns.
BuzzFeed – which acquired the HuffPost last November from Verizon, which had acquired it as part of its 2015 acquisition of AOL, which had acquired the Huffington Post, as it was called then, in 2011 – announced on Tuesday that it has laid off 45 HuffPost reporters, editors, and producers, and that HuffPost Canada will be shut down entirely. In addition, two executive editors resigned over the deal. So 47 people gone.
BuzzFeed CEO Jonah Peretti, one of the cofounders of the Huffington Post in 2005, told employees at the virtual meeting where the gutting was announced that HuffPost’s “losses last year exceeded $20 million, and would be similar this year without intervention. Though BuzzFeed is a profitable company, we don’t have the resources to support another two years of losses.”