Online media firm Buzzfeed is to close its UK and Australian news operations.
The US company, which set up its London office in 2013, said the decision had been made “both for economic and strategic reasons”.
Buzzfeed said it would be focusing on news that “hits big in the United States during this difficult period”.
Some staff will stay on to cover social news, celebrity and investigations for US readers, but it is thought about 10 jobs are affected.
BBC News media editor Amol Rajan said the affected UK staff had been furloughed.
Buzzfeed News had been a “strong, scooping, important voice” in UK journalism and its decision was due to the pressures on the company’s advertising-funded business model, not its work, our correspondent added.
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Buzzfeed’s UK political editor Alex Wickham tweeted: “So incredibly proud of the BuzzFeed UK team, which punched so far above its weight and did some really amazing journalism.”
In a statement, Buzzfeed said it was still investing heavily in its news business and will spend about $10m (£8.05m) more than it makes from its operation this year, and about $6m more in 2021.
It added: “We will be consulting with employees on our plans regarding furloughs and stand-downs”.