BuzzFeed is closing down its BuzzFeed News division, part of another round of layoffs and cost-saving measures at the company.

In a memo circulated to staff on Thursday morning, BuzzFeed CEO Jonah Peretti said the closure would come alongside a 15% reduction in workforce across business, content, tech and admin divisions. That’s in addition to layoffs previously announced in December.

The memo said that “a number of select roles” would be opened for BuzzFeed News staff on the main BuzzFeed site, as well as HuffPost, which will continue as the company’s main news brand.

“We will concentrate our news efforts in HuffPost, a brand that is profitable with a highly engaged, loyal audience that is less dependent on social platforms,” Peretti said in the memo. “We will empower our editorial teams at all of our brands to do the very best creative work and build an interface where that work can be packaged and brought to advertisers more effectively.”

Peretti cited several challenges faced by other media companies in recent months for the cuts, including recession in the tech sector, a declining digital ad market and ongoing audience shifts, as well as the company’s under-performing IPO.

But the company CEO also put much of the blame on himself, saying he could have “managed these changes better” and had the company in a better financial position to adapt and change in response to them. He also said the integration of BuzzFeed with Complex should have executed “faster and better.”

Peretti also said he “overinvested” in BuzzFeed News because he “love[d] their work and mission so much. This made me slow to accept that big platforms wouldn’t provide the distribution or financial support required to support premium, free journalism purpose-built for social media.”

Since launching in 2011, BuzzFeed News has been recognized with several prestigious journalism awards, including a Pulitzer Prize in 2021 for its coverage of the Xinjiang internment camps in China. Other notable stories it has include an investigation into how multinational corporations undermine domestic regulations and environmental laws, breaking sexual assault allegations against actor Kevin Spacey and detailing how right-wing website Breitbart worked with white supremacist groups to produce its content.