Buzzfeed is closing its news division

Buzzfeed Inc (NASDAQ: BZFD) is in focus on Thursday after CEO Jonah Peretti revealed that the company is closing its news unit.

Buzzfeed to lay off another 15% of its employees

Peretti also disclosed that the Nasdaq-listed firm has decided to lay off about 15% of its employees. The job cut will affect roughly 180 people in total.

Buzzfeed had cut 12% of its staff already in December. Addressing the workers in an email today, CEO Peretti wrote:

The chief executive had faced pressure from shareholders to wind down news operations that were losing about $10 million a year. Buzzfeed stock is now back to the price at which it started the year.

Buzzfeed is losing its two key executives

Buzzfeed also confirmed today that Edgar Hernandez - its revenue chief and Christian Baesler - its chief operating officer are quitting as well. Baesler will leave by the end of this month and Hernandez in May. The email reads:

CEO Peretti took responsibility for not managing the company better through the string of challenges in recent years. Buzzfeed will lower its headcount in some international markets as well.

Buzzfeed is expected to lose 28 cents a share this quarter - roughly the same as last year.