In today's ExchangeWire news digest: BuzzFeed announces redundancies as it closes down its News division; the UK government is expected to announce legislation for a new big tech regulator; and PDD Holdings' Temu app enters several markets in Europe.

BuzzFeed calls time on News

Media and entertainment company BuzzFeed is shuttering BuzzFeed News after founder Jonah Peretti told staff it could “no longer continue to fund” the department. Peretti also confirmed there would be significant job cuts across the business, set to impact around 15% of BuzzFeed’s workforce.

UK government to introduce new legislation for big tech regulation

The UK government is expected to introduce new legislation to establish a new regulator to moderate big technology platforms. The draft bill, titled Digital Markets, Competition and Consumers bill, would place the new regulator under the Competition and Markets Authority and be granted jurisdiction to police the market’s largest tech firms, such as Google and Amazon.

PDD’s Temu app enters the European market

Budget shopping app Temu, the international sibling of PDD Holdings’ Pinduoduo, has taken a significant step in its global expansion by entering the European market. According to Temu’s website, the app is now live in the UK, France, Italy, Germany, Spain, and the Netherlands, taking its total markets to ten.

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Fact of the Day

17 million – Temu's monthly active users as of Q1 2023.

Source: SCMP

Last week's tech teasers

Taking inspiration from last week’s MadTech Podcast, our tech teasers were all about CTV. See much you know about one of the fastest growing channels for digital advertising below:

• 14.4% – the anticipated growth of CTV ad spend in 2023 🌱
• USD$60 – Netflix’s CPM ahead of launching its ad-supported tier 🫰
• 56.1 million – the number of Gen Z-ers expected to use CTV by 2025 👯🏾
• Neighbours – the iconic soap opera resurrected by Amazon Freevee 📺
• Cousin Greg – the Succession character John Still quoted in last week’s CTV-focused MadTech podcast 💬

Challenge yourself on ad tech, martech, media, and commerce, by signing up to The Stack, where we publish a new quiz every Friday.