Donald Trump is blaming economic woes in the media industry on "fake news and bad journalism".
Peretti wrote that the layoffs were meant to cut costs and "improve our operating model so we can thrive and control our own destiny, without ever needing to raise funds again". Later, it launched a news unit that that, despite being a financial drag on the company, has built a strong reputation and was a finalist for a Pulitzer prize a year ago. "These changes will allow us to be the clear victor in the market as the economics of digital media continue to improve".
Ben Smith, the editor in chief of BuzzFeed News, said in an email to staff that it was a "hard day" and that the organization was "losing a lot of excellent colleagues". BuzzFeed, however, has said it remains confident in its reporting.
"We will be back to you with specifics on the process by Monday at the latest". BuzzFeed is also not the only company to deliver large amounts of layoffs recently either.
Huawei dispute: Canadian Prime Minister Justin Trudeau fires his ambassador to China
He thanked Mr McCallum, a former minister in Mr Trudeau's Cabinet, for his 20 years of public service. But on Friday he was quoted as saying it would be "great for Canada" if the USA dropped the request.
Verizon is cutting about 800 jobs, or 7 percent of its media and advertising employees, as it reorganizes the troubled division.
Facebook and Google have upended the ad business, prompting websites to seek out new sources of revenue.
The shift in news consumption made digital outlets profitable in the eyes of venture capitalists, who showered various online startups with cash.
NBCUniversal (which owns NBC News) has a $400 million investment in BuzzFeed, which is also backed by internet entrepreneur Kenneth Lerer.
Peretti said in Wednesday's memo that BuzzFeed's business has grown by "double digits" in the past year, but "unfortunately, revenue growth by itself isn't enough to be successful in the long run". Verizon Media did not specify which titles would be hardest hit and it is now unclear how many staff have been released at HuffPost.
According to Politico media reporter Michael Calderone, the number of unionized employees axed from the media company stands at 15 with more cuts scheduled to be announced.