The Qatari-based television news channel Al Jazeera America is closing its doors later this year.
New York Times editor Peter Lattman tweeted Wednesday that the media outlet will "shut down" April 30.
The Times, along with Politico, cited a memo from Al Antsey, Al Jazeera America's CEO, to company staff.
“I know the closure of AJAM will be a massive disappointment for everyone here who has worked tirelessly for our long-term future,” Anstey said. “The decision that has been made is in no way because AJAM has done anything but a great job. Our commitment to great journalism is unrivaled.”
Journalist Ray Suarez and host of Al Jazeera America's "Inside Story" also tweeted Wednesday that the company will "cease to exist."
The company was to hold an all-hands meeting Wednesday at 2 p.m.
"There are executives here in tears," a senior staffer for Al Jazeera America told CNN. "Doom and gloom."
CNN cited the recent decline in oil prices for the move. Al Jazeera America is owned by Al Jazeera Media Group, which in turn is owned by the Qatari government.
A representative for Al Jazeera America did not immediately return a request for comment.