BuzzFeed CEO Jonah Peretti faces his toughest leadership test ever as the media company faces millions in potential losses this year
Observers see the crisis as a crucial test of whether BuzzFeed and its CEO Jonah Peretti can prove it's essential to readers and advertisers.Earlier this week, BuzzFeed CEO Jonah Peretti held an all-hands meeting with his staff of around 1,100. He was transparent: Revenue was down double digits year over year in wake of the coronavirus pandemic. The digital media company might face 2020 losses of up to $20 million.
This challenging period could prove to be the ultimate test for Peretti as both an entrepreneur and a leader. In 2015, Buzzfeed raised $200 million from NBCUniversal at a $1.5 billion valuation. The eye-popping numbers made Jason Anderson, who was raising money for Vice Media at the time while at Royal Bank of Canada, sit up and take notice.
Under Smith, BuzzFeed News ballooned to 300 employees, packed with big-name hires like Pulitzer winner Mark Schoofs and Wired's Mat Honan.
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