BuzzFeed News to be shuttered in corporate cost cutting move

Pulitzer Prize winning digital media outlet BuzzFeed News is being shut down as part of a cost-cutting drive by its corporate parent that’s shedding about 15% of its entire staff, adding to layoffs made earlier this year.  

In a memo sent to staff, Buzzfeed Inc. co-founder and CEO Jonah Peretti said Thursday that in addition to the news division, layoffs would take place in its business, content, tech and administrative teams. BuzzFeed is also considering making job cuts in international markets. 

BuzzFeed has about 1,200 total employees, according to a recent regulatory filing, meaning about 180 people will be losing their jobs in the latest cuts. 

Peretti said in his memo that he “made the decision to overinvest” in the news division, but failed to recognize early enough that the financial support needed to sustain operations was not there.