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BuzzFeed will shut down its information division and reduce its workforce by 15 per cent because the digital media group seeks to slash prices and give attention to worthwhile components of its operations.
The choice to shut its award-winning information division is the newest try to reverse the decline within the enterprise, which was as soon as lauded as the way forward for digital media due to its catchy use of memes, emoji and listicles.
About 180 staff in groups together with enterprise, content material, tech and admin groups can be reduce, in keeping with a memo despatched to workers from chief government Jonah Peretti.
BuzzFeed, presently employs 1,200 individuals, can also be planning to chop jobs in some worldwide markets.
Shares dropped sharply on opening in New York, however had been down nearly 25 per cent decrease in mid-morning buying and selling, leaving the group with a market worth of simply £98.6mn.
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