Buzzfeed News to close as media firm cuts jobs

Buzzfeed is to close its news site and cut its workforce by 15%, chief executive Jonah Peretti has said.

It comes as the digital media company faces serious financial challenges, including a slump in advertising spending.

Calling the decisions "deeply painful", Mr Perretti said he could not invest more in the unprofitable news site.

He said the firm would focus on delivering news via the Huffington Post, which Buzzfeed took over in 2020.

"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."

The company, which employed more than 1,300 people globally at the end of last year, had already announced a wave of layoffs in December, affecting more than 170 people.

The latest cuts involve about 180 jobs.