LEARN TO CODE: Fake News Outlets Fire Hundreds of Employees Over the Past Week Due to Coronavirus
The fake news outlets that have been cheering on state-wide quarantines and submission to shutdown policies may be unwittingly supporting their own demise.
Just over the past week, outlets such as BuzzFeed, VICE, The Economist and Quartz have had to lay off hundreds of workers. Journalists on Twitter are bemoaning the death of their racket, which they value as being more important than the livelihoods of millions of other Americans who are suffering during the pandemic.
This was such a horrible week.
Condé Nast: 100 layoffs + 100 furloughs
BuzzFeed: ~ 20 furloughs
Quartz: 80 layoffs
Vice: 155 layoffs
The Economist: 90 layoffs
335 media jobs eliminated. 120 jobs tbd …
— Kerry Flynn 🐶 (@kerrymflynn) May 15, 2020
Vice Media, which was once ridiculously overvalued to the tune of $5.7 billion, suffered the worst losses over the past week. The notoriously crass and foul outlet is feeling the pinch as nobody wants to read about transgender dildo roller derby during a legitimate crisis.
“Currently, our digital organization accounts for around 50 percent of our headcount costs, but only brings in about 21 percent of our revenue,” chief executive Nancy Dubuc said in a memo. “Looking at our business holistically, this imbalance needed to be addressed for the long-term health of our company.”
“Publishing right now is difficult across the whole industry — plain and simple — and the pandemic has intensified the tensions we all know exist between publishing and advertising,” she wrote.
While the media industry is going broke, there is a rising tide of populist anger against fake news journalists who have deceived the people throughout the coronavirus crisis and driven the population into mass hysteria with their biased and irresponsible reporting.
The level of anger directed at the media from these protestors was alarming. As always, I will tell a fair and unbiased story today. pic.twitter.com/5jCR0YY9VH
— Kevin Vesey (@KevinVesey) May 14, 2020
The coronavirus may be accelerating the effects, but Big League Politics has been reporting on the death of the fake news media for many years:
The massive communications conglomerate, Verizon is reportedly scrambling to unload HuffPost, the liberal news entity that was once seen as being on the cutting edge of the digital news landscape before waning substantially in recent years.
AOL bought HuffPost back in 2011 for $315 million, and then Verizon gained control over the leftist news site after they acquired AOL in 2015 for a stunning $4.4 billion. They are now looking to dump it as the public grows weary of fake news, particularly the site’s biased and deceptive coverage against President Donald Trump.
Verizon should expect to get nowhere near the $315 million that AOL paid for the site back when investors believed that leftist media entities had value. The correction in the marketplace has been sharp, and Verizon is learning that the hard way. They had to unload the leftist-dominated social media site, Tumblr for under $20 million in August after inheriting it following the purchase of Yahoo for $4.7 billion in 2017. Yahoo had paid a whopping $1.1 billion for Tumblr in 2013.
The news comes after industry-wide layoffs have shaken the fake news industry, with HuffPost being one of many digital media entities to take a massive hit. BuzzFeed and Vice are two other outlets that have had to downsize substantially this year.
It may be time for these obsolete propaganda writers to learn to code.