NEW YORK: BuzzFeed announced on Thursday that it was shutting 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 per cent today… and beginning the process of closing BuzzFeed News,” chief executive Jonah Peretti wrote in a memo to staff.

BuzzFeed shares plunged more than 20pc on Wall Street following the news.

“We’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organisation,” said Peretti.

He cited a number of challenges, including the coronavirus pandemic, the declining stock market and a recession in the tech sector.

“Dealing with all of these obstacles at once is part of why we’ve needed to make the difficult decisions to eliminate more jobs and reduce spending,” he said.

“Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” he wrote.

Published in Dawn, April 21st, 2023