Trump blames media layoffs on 'fake news and bad journalism'

Trump blames media layoffs on 'fake news and bad journalism'

Digital media giant Buzzfeed is laying off 15% of its staff amid struggling revenue growth.

"This week, we will make changes that will impact around 7 percent of our global workforce across the organization, as well as certain brands and products", Verizon Media CEO Guru Gowrappan wrote in the email to employees.

'Twas an ugly week for the media industry: After unexpected layoffs across both print and digital publications, hundreds of journalists will be updating their resumes this weekend.

"The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our own destiny, without ever needing to raise funding again".

The New York Times reported previous year that Peretti was openly considering a series of mergers with "five or six top internet publishers".

Staffers at BuzzFeed have been bracing for bad news for days.

Katie Rayford, manager of communications, BuzzFeed News said that it received feedback from its audience and partners that the mix of content was "confusing" in the older BuzzFeed webpage.

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BuzzFeed was not the only media company to announce layoffs this week.

But others, especially journalists, whose careers are to gather facts and provide news context, disagree.

In total, 43 people were let go on Friday from BuzzFeed News, a spokesperson for the company told CNN Business. "That announcement came more than a month after Verizon took a $4.6 billion write-down on HuffPost's parent company, Oath (now called Verizon Media), which includes AOL, Yahoo and HuffPost".

The shift in news consumption made digital outlets profitable in the eyes of venture capitalists, who showered various online startups with cash.

He added, "Even though I'm confident this is the right business decision, it is upsetting and disappointing".

Numerous laid-off employees took to Twitter to announce the news and seek new opportunities. Verizon Media did not specify which titles would be hardest hit and it is now unclear how many staff have been released at HuffPost. By doing so, the larger media entity would then be able to lobby for a higher percentage of the ad dollars Facebook and Google share with publishers when their content runs on those platforms.

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