With BuzzFeed losing its value through the years–from being worth $1.6 billion to now being valued at just $100 million, the company is streamlining its operations, and this includes layoffs and ceasing the operations of its News division.

BuzzFeed News defined an era in the 2010s, being one of the most notable news websites at a time when people are depending on the internet for their dose of news. Outside of that, BuzzFeed is best known for its lists and quizzes–both of with have influenced internet-era media from the late 2000s to the 2010s.

BuzzFeed CEO Jonah Peretti said that he can no longer fund its news division as a standalone organization–and instead will focus all of its news output on HuffPost (to recall, BuzzFeed acquired HuffPost in 2020). Other factors that Peretti cited for this decision include effects caused by the COVID-19 pandemic, a decelerating digital advertising market, and “ongoing audience and platform shifts”.

Aside from his heartbreaking memo, where 15% or around 180 employees will lose their jobs, Peretti admitted that he could have handled the situation better if he made better decisions. “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 adds.