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(The Hill) – BuzzFeed is shutting down its news division.

In a memo to staff and obtained by CNN, BuzzFeed Chief Executive Jonah Peretti said the company would lay off about 15 percent of its workforce as part of that shuttering.

Peretti called the decision “deeply painful,” in his memo and cited “a tech recession” and “a tough economy” as factors leading to the major cost-cutting measure.

“Additionally I made the decision to over invest in BuzzFeed News because I love their work and mission so much,” Peretti said. “This made me slow to accept that the big platforms wouldn’t provide the distribution and financial support required to support premium, free journalism purpose built for social media.”

BuzzFeed has long been known as a news, quiz and games website that has struggled to stay profitable among a changing media landscape. It is one of a handful of major news and tech companies to slash jobs in recent months.

BuzzFeed last made headlines in January when Peretti announced plans to use artificial intelligence (AI) in the coming months to create content on the site.

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