The New York Post published an article titled: BuzzFeed finalizes deal for HuffPost, EIC search continues. The article reports in part:
BuzzFeed CEO Jonah Peretti, a co-founder of the Huffington Post with Arianna Huffington, on Tuesday finalized his company’s acquisition of the left-leaning news and culture site.
The search for a new editor-in-chief is expected to move into high gear now that a deal is done.
“HuffPost will operate as its own distinct brand within BuzzFeed, and will remain separate and independent from BuzzFeed News,” said a spokesman, who said the two sites will syndicate material across both platforms.
“Our search for a new editor-in-chief at HuffPost is active and ongoing,” the spokesman said.
HuffPost, which officially shortened its name from Huffington Post in 2017, has been without a top editor since Lydia Polgreen jumped to head Spotify’s podcasting company, Gimlet Media, in March 2020.
BuzzFeed’s editor-in-chief since May, Mark Schoofs, is heading up the search for an editor to lead the HuffPost division.
BuzzFeed does not have the $4.7 billion net income that Verizon had in 2020 out of which to subsidize HuffPost’s estimated $25 million annual loss. Variety.com reported “BuzzFeed Cuts Staff Salaries, CEO Jonah Peretti to Forgo Pay During Coronavirus Crisis” on March 25, 2020. Techcrunch.com reported “BuzzFeed extends pay cuts and furloughs 68 employees” on May 6, 2020.
The Variety.com and Techcrunch.com reports indicate that BuzzFeed does not have the income to cover HuffPost’s loses. That is the reason why Verizon agreed to give BuzzFeed an unreported amount of cash to help offset HuffPost’s loses. Verizon is not going to underwrite HuffPost’s loses at BuzzFeed forever. Otherwise, Verizon might as well have kept HuffPost under its corporate umbrella.
In order to make HuffPost financially viable BuzzFeed must address both expense and revenue issues. In the short term, BuzzFeed will have to make very deep payroll and administrative cuts. On the revenue side, if BuzzFeed wants HuffPost to attract more advertisers it will have to significantly decrease the extreme leftist hate that HuffPost spews.
Florida Family Association has influenced 1,396 out of 1,414 companies to stop advertising since April 2016 as of December 31, 2020. Florida Family Association will continue to urge companies to stop spending customer money on HuffPost’s leftist vitriol that inspires hate toward Christians, Jews and conservatives.
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