JUST IN: BuzzFeed News is shutting down as its parent company seeks to cut costs, BuzzFeed CEO Jonah Peretti says in an email to staff.
Bennett Raglin / Getty Images for BuzzFeed fileIn an email to staff shared with NBC News, BuzzFeed CEO Jonah Peretti said the move was part of a 15% workforce reduction across a number of teams.
"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," he wrote."This made me slow to accept that the big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media," he wrote.
He added that he had failed to"hold the company to higher standards for profitability" to give it a buffer for downturns. Peretti said he planned to engage with the News Guild union about the cost reduction plans and what they would mean for affected union members.
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