BuzzFeed News is shutting down, the once-iconic media brand’s founder and CEO Jonah Peretti announced in a company-wide memo on Thursday.

“We are reducing our workforce by approximately 15% today across our Business, Content, Tech and Admin teams, and beginning the process of closing BuzzFeed News,” Peretti wrote in the email.

The CEO also told staff that if they had received the email, “you are not impacted by today’s changes.” Additionally, besides the shuttering of BuzzFeed News, Peretti said that the company’s CRO Edgar Hernandez and COO Christian Baesler had also decided to leave BuzzFeed. Both would be exiting within the next few weeks.

BuzzFeed News had long been on life-support. The company-wide layoffs and elimination of the news operation come just months after BuzzFeed had laid off 12 percent of its staff in a cost-cutting measure. That penny-pinching move, which Peretti said was necessary due to an “ongoing audience shift to vertical video,” came nine months after Peretti had bought out the