BuzzFeed To Close News Division, Cut 15% Of All Staff

(ASSOCIATED PRESS) – Pulitzer Prize winning digital media company BuzzFeed will shut down its news division as it cuts about 15% of its entire staff.

In a memo sent to staff, co-founder and CEO Jonah Peretti said that cuts would also occur across its business, content, tech and administrative teams, according to multiple media reports.

BuzzFeed is also considering making job cuts in some international markets.

Peretti said in a memo to staff 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.