BuzzFeed plans to split its news department from its entertainment division to enhance revenue from digital videos, Vanity Fair reported Tuesday.
BuzzFeed will create a new department, BuzzFeed Entertainment, to house all of the company’s entertainment content, including short-and long-form videos, quizzes and lists, Vanity Fair reported, citing an internal memo. The department will be run by Ze Frank, who currently leads BuzzFeed Motion Pictures.
Meanwhile, BuzzFeed’s health content, global news operations and video news will come under the purview of Ben Smith, who will be responsible for growing BuzzFeed News, Vanity Fair reported.
The reorganization followed reports in the Financial Times earlier this year that BuzzFeed missed 2015 revenue projections by $80 million. BuzzFeed also cut its 2016 projections from $500 million to $250 million, according to the Financial Times.
BuzzFeed disputed the figures, but declined to give its own numbers. “We are very pleased with where BuzzFeed is today and where it will be tomorrow,” the company said at the time.
Source: CNBC
