Pulitzer prize-winning digital media company BuzzFeed will shut down its news division as it cuts about 15 per cent of its entire staff.
In a memo sent to staff, co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams, according to multiple media reports. BuzzFeed is also considering making job cuts in some international markets.
Peretti said in a memo to staff that he “made the decision to overinvest” in the news division, but failed to recognise early enough that the financial support needed so sustain operations was not there.
“I've learned from these mistakes, and the team moving forward has learned from them as well,” Peretti wrote. “We know that the changes and improvements we are making today are necessary steps to building a better future.”
He added that the company will now have one remaining news brand, HuffPost.
The announcement comes just a few months after BuzzFeed said that it would be cutting 12 per cent of its workforce, citing worsening economic conditions.
BuzzFeed, founded by Peretti in 2006 and initially known for listicles and online quizzes, had established itself as a serious contender in the news business, winning a Pulitzer in 2021 for international reporting.