The downfall of BuzzFeed News: A digital media reckoning.

BuzzFeed News, known for its fast viral scoops and sweeping investigations, is shutting down after years of painful layoffs and cutbacks. The news arm was never a profit driver and relied on its parent company's ability to keep it afloat. The shuttering of BuzzFeed News represents the end of an era for the digital publishing industry, as companies like BuzzFeed, Vox Media, and Vice Media that rapidly expanded and raised lots of cash at high valuations in the aughts are struggling in a dramatically different media landscape. The digital ad market, which BuzzFeed is mostly dependent on for revenue, has slowed significantly in response to economic uncertainty. Dozens of media firms are suffering from similar market conditions.