BuzzFeed on Thursday announced it will shut down its news division, BuzzFeed News.

"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," BuzzFeed CEO Jonah Peretti said in a memo to employees. BuzzFeed is laying off 15 percent of its employees, about 180 people, from the news division and other sections, Variety reported.

Peretti said he "over invested" in the news section, which proved to be unprofitable. He also cited difficult economic conditions such as a "tech recession, a tough economy, [and] a declining stock market" in making the decision to shutter BuzzFeed News.

The news comes six years after BuzzFeed News made waves when it became the first outlet to publish the Steele dossier, an opposition research report alleging former president Donald Trump conspired with Russian intelligence to win the 2016 presidential election.