The Wall Street Journal has reported that BuzzFeed and Vice Media, two struggling left-leaning websites, have begun the process of divesting their assets.
“BuzzFeed … is looking to sell its food sites, Tasty and First We Feast, according to people familiar with the situation,” writes the Wall Street Journal. “Meanwhile, Fortress Investment Group, which took over Vice in bankruptcy last year, is in talks to sell its Refinery29 women’s lifestyle-focused site[.]”
The Wall Street Journal stated “yet another chapter in the demise of these digital-media companies that raised money at sky-high valuations nearly a decade ago only to struggle amid a volatile ad market and a decline in traffic[.]”
That’s only a fraction of the story… If you observe the current state of the corporate media landscape, both online and offline, you’ll see that things are falling apart. The corporate, establishment, and leftist media outlets are experiencing a significant decline, and it’s quite satisfying to witness.
– CNN’s ratings have plummeted drastically.
– The Los Angeles Times is facing an annual loss of approximately $40 million, resulting in the reduction of almost one-third of its workforce through recent layoffs.
– The Washington Post has had to make severe staff cuts and suffered a loss of nearly $100 million in 2023.
– BuzzFeed had to lay off 15 percent of its employees and completely shut down BuzzFeed News.
– Vice Media filed for bankruptcy in 2023.
– Sports Illustrated had to cease its operations.
– Layoffs are imminent at Vogue, Vanity Fair, and Condé Nast.
– Jezebel has closed down.
The best part is that in 2023 alone, a staggering 2,681 individuals who propagated falsehoods lost their jobs, surpassing the combined total of the previous two years. Here’s an interesting development…
BuzzFeed, which went public in 2021 with a valuation of $1.7 billion, has seen a drastic decline in its value, losing 97 percent in just a few years. As a result, BuzzFeed is now selling off its assets, starting with its food-related websites. According to reports, Tasty and First We Feast were crucial in BuzzFeed’s attempts to generate revenue streams beyond advertising, primarily through merchandise sales.
BuzzFeed is in such dire need of funds that it is compelled to sell off one of its few remaining popular verticals.
Vice Media, which was once valued at $5.7 billion, has now reached a point where it cannot meet its financial obligations. It has filed for Chapter 11 bankruptcy, failed to find any buyers, and is currently valued at a mere $350 million. Similar to BuzzFeed, Vice Media is also selling off its assets, including “Refinery29,” which experienced a decline in revenue from around $50 million in 2022 to $30 million last year, as per insiders.
Just four years ago, Vice purchased Refinery29 for a staggering $400 million. Now, Vice itself is valued at less than that, at $350 million. This is a clear and rapid collapse of a particular ideology and mindset. Finally, we are witnessing the downfall of a young, ignorant, self-proclaimed know-it-all attitude.