BuzzFeed CEO Jonah Peretti says he failed to recognise early enough that the financial support needed to sustain the website’s news operations was not there.
BuzzFeed says it will close its news division
Digital media company BuzzFeed will shut down its news division and cut another 15 per cent of its staff across the company, adding to lay-offs made earlier this year.
BuzzFeed has approximately 1200 total employees, according to a recent regulatory filing.
In a memo sent to staff, co-founder and CEO Jonah Peretti said that in addition to the news division, lay-offs would take place in its business, content, tech and administrative teams.
BuzzFeed is also considering making job cuts in international markets.