BuzzFeed News has shut down.

BuzzFeed News is shutting down.

BuzzFeed News has closed down.

In an email sent to employees and shared with NBC News by BuzzFeed’s CEO Jonah Peretti, the move is part of a 15% reduction in staff across a variety of teams.

“While layoffs have occurred in nearly every division, the company has determined that it can no longer fund BuzzFeed News on its own,” he wrote.

Peretti claimed he “overinvest[ed]” in BuzzFeed News because he loves their work and mission.

He wrote: “This made it difficult for me to accept that big platforms would not provide the financial or distribution support needed to support free, premium journalism specifically designed for social media.”

He said that he failed to “hold [the company] to higher standards of profitability” in order to provide it with a buffer against downturns.

Peretti stated that he would engage the News Guild about cost reduction plans, and what these plans mean to the union members.

The story is developing.

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