Buzzfeed is to close its news site and cut its workforce by 15%, chief executive Jonah Peretti has said.
It comes as the digital media company faces serious financial challenges, including a slump in advertising spending.
Calling the decisions “deeply painful”, Mr Peretti said he could not invest more in the unprofitable news site.
He said the firm would focus on delivering news via the HuffPost, which Buzzfeed took over two years ago.
“Our industry is hurting and ready to be reborn,” he said. “We are taking great pains today, and will begin to fight our way to a bright future.”
Founded in 2006, Buzzfeed was once one of the most popular names in online media, known for its quizzes and viral content, as well as a serious news operation.
It listed on the stock exchange in 2021, but raised far less money than it had hoped.
The company, which employed more than 1,300 people globally at the end of last year, had already announced a wave of layoffs in December, affecting more than 170…
This article was written by and originally published on www.bbc.co.uk