BuzzFeed announced on April 20 that it will shut down its news division, signalling the end of one of the most notable news websites of the internet era.
"We are reducing our workforce by approximately 15 percent today... and beginning the process of closing BuzzFeed News," BuzzFeed CEO and co-founder Jonah Peretti wrote in a memo to staff.
According to a report by NBC news, Peretti wrote, "While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization."
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In December 2022, the Digital media company cut down 12 percent of its workforce, citing worsening economic conditions.
Trading in the company's shares had earlier halted after the stock sank 26 percent.
(With agency inputs)
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