BuzzFeed News Shuts Down: Pandemic and Overinvestment Lead to Layoffs and Restructuring Across Company

BuzzFeed News is shutting down after over a decade due to lack of profitability and overinvestment.
BuzzFeed is laying off 15% of its staff, around 180 employees, across multiple departments including BuzzFeed News.
The company will focus its news efforts on the profitable HuffPost brand going forward.
The shutdown and layoffs are attributed to the pandemic, declining digital advertising, and other financial struggles facing media companies.
BuzzFeed's CEO admitted to overinvesting in BuzzFeed News and failing to make it financially viable.