NEW: Buzzfeed News is shutting down, according to an email to staff from CEO Jonah Peretti, who says the decision is part of a companywide workplace reduction.
Peretti said that he had"overinvest" in Buzzfeed News because he loved its work and that the company"can no longer continue to fund BuzzFeed News as a standalone organization."
"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. The company will concentrate its news efforts on HuffPost and have a number of open roles for Buzzfeed News members in HuffPost and Buzzfeed.com, per Peretti.
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