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BuzzFeed will close its news division and cut its workforce by 15 percent as the digital media group seeks to cut costs and focus on profitable parts of its business.

The decision to shut down the award-winning news division is the latest attempt to reverse the decline of the business once heralded as the future of digital media thanks to its memorable use of memes, emojis and listicles.

About 180 employees across teams, including business, content, tech and admin teams, will be downsized, according to a memo sent to employees by Chief Executive Jonah Peretti.

BuzzFeed, which currently has 1,200 employees, also plans to cut jobs in some international markets.

Shares fell sharply at the New York opening but were down almost 25 per cent in mid-morning trading, leaving the group with a market value of just £98.6m.