Buzzfeed is reducing its workforce by 15% and shutting its news site.
Buzzfeed is to close its news site and cut its workforce by 15%, chief executive Jonah Peretti has said.
Calling the decisions "deeply painful", Mr Peretti said he could not invest more in the unprofitable news site. "Our industry is hurting and ready to be reborn," he said. "We are taking great pains today, and will begin to fight our way to a bright future."
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