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:
According to The Hollywood Reporter, Vice is expected to cut 10 percent of its workforce.
“Around 250 jobs are expected to be cut, a company spokeswoman tells The Hollywood Reporter, as the 2,500-person Vice reduces redundancies internationally and reorients to focus on growth areas like film and television production and branded content. All departments at every level are expected to have layoffs, from IT to finance to television,” the report said.
The layoffs come just a week after BuzzFeed and HuffPost announced cuts to their own staffs. All in all, it’s a tough time to be in the leftist fake news business…
Fortunately for the victims of the recent press layoffs, there are other ways in which they can contribute to society. For example, they can learn to code here.
ThinkProgress, the once-influential liberal media organ founded by the Center for American Progress, was forced to close its doors completely last month:
ThinkProgress, the beleaguered left-wing propaganda outlet, is officially closing its doors today after undergoing serious financial trouble over the past several years.
A project of the Center for American Progress (CAP) – a Washington D.C. think-tank founded by Clinton insider and suspected pizza partier John Podesta – it will close as they were unable to find a publisher to run the site or a donor willing to pony up the funds to keep it operational despite its growing revenue losses.
“Given that we could find no new publisher, we have no other real option but to fold the ThinkProgress website back into CAP’s broader online presence with a focus on analysis of policy, politics, and news events through the lens of existing CAP and CAP Action staff experts,” said Navin Nayak, who works as executive director for the Center for American Progress Action Fund.
President Trump is winning his war on the fake news, as these entities that regularly produce propaganda against him are finding that the market is drying up for their less-than-credible content.
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