BuzzFeed CEO Jonah Peretti sent a memo to employees saying the company is “beginning the process of closing BuzzFeed News” and reducing the rest of the firm’s workforce, which includes news website Huffington Post, by 15%—-the memo was first shared on Twitter by New York Times reporter Ben Mullin.

Buzzfeed News, which won a Pulitzer Prize for international reporting in 2021, is being shuttered due to revenue problems, Peretti explained, saying he “overinvested” in BuzzFeed News even though the site didn’t have the “financial support required to support premium, free journalism.”

Peretti also cited the pandemic, a recession in the tech industry, a declining stock market and decelerating digital advertising as challenges that led to the decision, though he also said he had regrets about decisions he had made that led to the publication’s closure.

BuzzFeed will continue to operate as a media organization, and will focus its news efforts on the Huffington Post, which Peretti says is profitable thanks to a loyal audience.

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Along with layoffs and BuzzFeed’s termination, Peretti said the firm has reduced budgets, open roles, travel and “most other discretionary, non-revenue generating expenditures,” including its real estate footprints in New York City and Los Angeles.

Forbes reached out to BuzzFeed for comment.

This is a developing news story and will be updated.