This article doesn't really make sense. Yeah, Google changed the algorithm and dropped traffic to CCN by about 50%. But... according to their own charts, that just puts them back to where they where about six months ago, in December!

What you need to realize is that we have added more people to the team, both full-timers and part-timers. We do not want to downsize the team, we do not want to break the morale of the team.

So you're shutting down CCN instead of laying people off? Just days after a brief downward blip in traffic? What?

Yeah, it's tough when all your revenue comes from a source is extremely volatile. Maybe you need to be more conservative in hiring, or maybe you just have to take some risks and hire aggressively and then let some people go.

Then later in the article:

We are shutting down CCN.com. Google has made that choice for us. We are moving the entire team over to HVY.com to at least try and save modern journalism the way we see it. HVY Journalists is a news platform made by and for journalists.

Ah, now it makes sense. They already had this plan to launch an anti-Google journalism site, HVY. Now maybe they can get some attention to their message, and promote HVY. Nobody is "shutting down", they are just rebranding to HVY.