BuzzFeed is shutting down its news division and cutting 15% of its workforce as the digital media team looks to cut costs and focus on profitable parts.

The decision to close the award-winning news division is the latest attempt to reverse the decline of the business, once hailed as the future of digital media thanks to its use of memes, symbols emoticons and engaging writing.

About 180 employees across teams including the business, content, technology and administration teams will be cut, according to a memo sent to employees from chief executive Jonah Peretti.

BuzzFeed, which has 1,200 employees, is also planning job cuts in some international markets.

Shares fell sharply at the opening in New York, but were down nearly 25% in mid-morning trading, leaving the group’s market value to just £98.6 million.