Former Republican presidential candidate Vivek Ramaswami wants BuzzFeed to hire people like Bill Maher, Tucker Carlson, Aaron Rodgers and Charles Barkley to turn around the struggling news site.
Ramaswamy, who recently revealed he owns an 8.3% stake in the struggling media company, wrote a letter to BuzzFeed’s board on Monday demanding that the company make cuts, appoint three new members to the board and give more prominent roles to conservatives to emphasize “diversity of thought.”
BuzzFeed’s shares, which are listed on the Nasdaq, soared about 20 percent last week after it was revealed that Ramaswamy had bought shares in the company as an activist investor.
In his letter, Ramaswamy criticized BuzzFeed for several actions that have contributed to public “mistrust of the media,” including the company’s decision in 2017 to publish dossier containing salacious and unproven allegations against former President Donald Trump by former British intelligence officer Christopher Steele.
“Differentiate yourself from competitors by openly acknowledging your past journalistic failings and redefine BuzzFeed’s brand around the pursuit of truth,” Ramaswamy wrote in the letter.
In a written response, BuzzFeed founder and CEO Jonah Peretti argued that Ramaswamy had a “fundamental misunderstanding” of BuzzFeed’s business operations, adding that BuzzFeed “will never apologize for our Pulitzer Prize-winning journalism.”
Peretti owns special voting shares that give him effective veto power over any proposed changes to BuzzFeed’s board of directors. According to the New York Times.
Ramaswamy, who has said he will support Trump in the 2024 election, wants BuzzFeed to look for talent “across the political and cultural spectrum.”
Ramaswamy suggested that BuzzFeed approach prominent media commentators such as Carlson, Barkley and Maher.
“Cutting back on the periphery won’t work,” Ramaswamy wrote in the letter. “We need a complete, fundamental rethink of every piece of content produced by the company.”
“Please continue to monitor the situation,” Ramaswamy’s spokeswoman, Tricia McLaughlin, told The Washington Post when asked for further comment on Tuesday.
Maher, who also hosts HBO’s “Real Time with Bill Maher,” is a former comedian and actor who has now carved out a unique niche as a political commentator.
Mr. Carlson, a former prime-time Fox News star, founded his own media outlet that includes a talk show that is streamed to subscribers.
Barkley, a retired basketball Hall of Famer turned commentator, is co-host of TNT’s popular studio show “Inside the NBA.”
But all indications are that the NBA will turn its back on TNT’s parent company, Warner Bros. Discovery, and give the broadcasting rights to NBCUniversal when its TV deal expires at the end of next season, meaning “Inside the NBA” will end its decades-long run in a year.
Barkley’s future has been the subject of speculation due to the uncertainty surrounding TNT’s relationship with the NBA.
Rodgers, a Super Bowl-winning quarterback who is coming off the tail end of his career with the New York Jets, appeared on Pat McAfee’s popular podcast to discuss the topic.
The NFL star was reportedly in the running to be Robert F. Kennedy Jr.’s running mate.
The Washington Post has reached out to BuzzFeed, Ramaswamy, Maher, Barkley, Rogers and Carlson for comment.
As of Tuesday, BuzzFeed’s stock was trading at just under $3 a share, a far cry from the $40 a share it boasted just three years ago.
Earlier this month, BuzzFeed reported a loss of $35.7 million, or 72 cents per share, on first-quarter revenue of $44.8 million.
The company is forecasting a worsening profitability situation, with advertising revenue down 22% and content revenue down 19%.
BuzzFeed has struggled to grow sales since going public in 2021.
The company will begin cutting staff in the second half of 2022 due to a deteriorating digital advertising environment, and earlier last year announced it would close Pulitzer Prize-winning digital media outlet BuzzFeed News.
In a memo to staff at the time, Peretti said the cuts would be made across the news division, as well as business, content, technology and administrative departments.
With post wire
