BuzzFeed announced Thursday that it was shutting its news division, signaling the end of one of the most notable news websites of the internet era.

"We are reducing our workforce by approximately 15 percent today... and beginning the process of closing BuzzFeed News," chief executive Jonah Peretti wrote in a memo to staff.

BuzzFeed shares plunged more than 20 percent on Wall Street following the news.

"We've determined that the company can no longer continue to fund BuzzFeed News as a standalone organization," said Peretti.

He cited a number of challenges, including the coronavirus pandemic, the declining stock market and a recession in the tech sector.

"Dealing with all of these obstacles at once is part of why we've needed to make the difficult decisions to eliminate more jobs and reduce spending," he said.

"Moving forward, we will have a single news brand in HuffPost, which is profitable, with a loyal direct front page audience," he wrote.

He added that the company would offer some jobs at HuffPost and BuzzFeed.com to BuzzFeed News staff members.

BuzzFeed News was founded in late 2011, and became a symbol of a new wave of internet media companies.