Major changes are underway at BuzzFeed News, including Editor in Chief Mark Schoofs stepping down from the helm and giving way to company-wide layoffs.“The next phase is for BuzzFeed News is to accelerate the timeline to profitability and undergo a strategic shift so that we will get there by the end of 2023,” Schoofs wrote in a company-wide email obtained and reviewed by Source Material. “That will require BuzzFeed News to once again shrink in size.”Schoofs continued in the email by stating that he hoped buyouts would occur, instead of layoffs.“We hope to reduce our size through voluntary buy-outs, not layoffs,” he penned. “Also: This is not your fault.”Elsewhere in the email, Schoofs wrote that BuzzFeed News will set out under new leadership with the specific goal of being “financially stable.” “Under Jonah’s leadership, the company has subsidized BuzzFeed News for many years,” while emphasizing the “next phase is for BuzzFeed News is to accelerate the timeline to profitability and undergo a strategic shift so that we will get there by the end of 2023.”More to come… .
