New York(CNN) BuzzFeed News is shutting down, the company announced Thursday.
The move, which was confirmed by BuzzFeed Chief Executive Jonah Peretti in a memo to staff, is part of a 15% reduction in BuzzFeed’s workforce.
“While layoffs are occurring across nearly every division, we’ve determined that the company can no longer continue to fund BuzzFeed News as a standalone organization,” Peretti said. “As a result, we will engage with the News Guild about our cost reduction plans and what this will mean for the affected union members.”
Peretti noted that BuzzFeed properties HuffPost and BuzzFeed.com signaled that they will open a number of roles for members of BuzzFeed News.
“Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience,” Peretti added.
This is a developing story. It will be updated.
