BuzzFeed will be closing down its operations in London and Australia because of “economic and strategic reasons,” reports BBC.
The U.S. company says it will be focusing on news that “hits big in the United States during this difficult period”.
Although some staff will remain to cover social news, celebrity and investigations but estimates suggest that roughly 10 jobs will be affected. BBC News media editor Amol Rajan said the affected UK staff had been furloughed.
Buzzfeed’s UK political editor Alex Wickham tweeted,
“So incredibly proud of the BuzzFeed UK team, which punched so far above its weight and did some really amazing journalism.”
Buzzfeed News had been a “strong, scooping, important voice” in journalism and the decision came due to the pressures on the company’s advertising-funded business model. However, the company adds that it’s still investing in its news business and will spend about $10m more than it makes from its operation this year, and about $6m more in 2021.