Posted BY: Teresa | NwoReport

BuzzFeed News will soon be ceasing its operations, becoming a thing of the past.

CEO and co-founder of BuzzFeed Inc., Jonah Peretti, stated in an email to colleagues that the close was part of a 15% headcount reduction across a variety 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,” the BuzzFeed CEO wrote.

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Regarding BuzzFeed News, Peretti claimed to have overinvested himself “because I love their work and mission so much.”

“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.

Peretti also mentioned that he did not put quite enough emphasis on “holding the company to higher standards for profitability” to give it a buffer during downturns.

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