VICE MEDIA SPAC TV

That may be the most depressing part of the whole debacle: Many of us had wondered whether a massive infusion of shareholder money would be compatible with the prerogatives of a fleet of reporters disengaged from the cynical traffic economy. “We won’t put profits ahead of quality journalism and I’ll never expect to be as profitable as our entertainment divisions. I’ve made the decision that I want News to be break-even and eventually profitable,” wrote Peretti, in an internal email sent to BuzzFeed staffers reviewed by Nieman Lab. I am committed to news in general and in particular. “Investors can’t force me to cut news, and the union can’t force me to subsidize news. The staff is only guilty of doing their jobs. BuzzFeed News was formed in 2011 and offered the site an outsized dose of prestige journalistic credibility, steadily nudging the site’s reputation away from Harry Potter quizzes by, say, publishing the Steele dossier or uncovering the Kevin Spacey grooming allegations.

CNBC reported that major shareholders encouraged Peretti to clean out the news reporting staff entirely, as a way to juice maximum revenue through attrition - ostensibly returning BuzzFeed to the shoestring viral-content shop it was more than a decade ago. When the dust cleared, it was increasingly evident how close BuzzFeed News might have come to a mortal blow. “ next phase is for BuzzFeed News to accelerate the timeline to profitability and undergo a strategic shift so that we will get there by the end of 2023.” “Under Jonah’s leadership, the company has subsidized BuzzFeed News for many years,” read one particularly cruel quote, per The Daily Beast (emphasis mine).

In total, BuzzFeed looks to shed 1.7% of its staff as the business seems to reorient around a single priority: Revenue. Three top BuzzFeed News editors were resigning, and about 35 employees are being offered voluntary buyouts. On the morning before that earnings call, BuzzFeed management unveiled a stark contraction of its Pulitzer-winning news department in an internal memo to employees. Today a BuzzFeed share sits at $5.18, about half its initial value. At his first earnings call last month, that number was eroded down to $398 million. BuzzFeed CEO Jonah Peretti reportedly claimed that the company would rake in $520 million in revenue in 2021. This was to be the new model for an industry that is constantly in search of financial salvation - yet another method to keep the creditors satiated - but in retrospect, the writing may have been on the wall from the very start.

Vice, Vox, and Bustle all flirted with the idea of public investment to varying degrees over the years, but BuzzFeed was among the first to take the plunge, latching onto an SPAC deal, and selling shares of itself for $10 at the opening bell. The digital media stalwart opened itself to the stock market in late 2021, reposturing itself as the torchbearer for the rest of its startup peers. It rose to prominence alongside its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine.Many of the members of BuzzFeed’s newsroom feel as if they were sold a bill of goods. Vice Media was among a group of fast-rising digital media ventures that once commanded rich valuations, as they courted millennial audiences.

VICE MEDIA SPAC TV

Last week, Vice Media said it will cancel the popular TV program Vice News Tonight as part of a broader restructuring that will result in job cuts across the digital media firm's global news business, capping years of financial difficulties and top-executive departures. Its potential bankruptcy comes as several other media and technology firms have had to downsize in recent months due to a challenging economy and a weak advertising market.Įarlier this month, BuzzFeed said it would shutter its news division, which gained renown for its irreverent and probing coverage, but ultimately succumbed to the challenges of its digital-first business model. The company, its board and stakeholders continue to be focused on finding the best path for the company,' the company spokesperson told Reuters in an emailed statement. 'Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. The media firm has received interest from five companies and might consider a sale to avoid bankruptcy, the NYT report said, adding that in the event of a bankruptcy, which could happen in the coming weeks, Vice's debtholder Fortress Investment Group could end up controlling the company. Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday (May 1), citing people with knowledge of its operations.

Vice media spac