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Snapchat pulls plug on originals

Snapchat is pulling the plug on Snap Channel, the unit responsible for creating its original content.

Fifteen members of the team will be laid off and a few junior executives might be reassigned, the website Deadline reported. The decision has also led to the exit of Marcus Wiley, previously Fox's senior vice president of comedy, the company told CNBC.

"Given that we are winding down the Snap Channel, it's natural that Marcus would want to explore other opportunities," the company said in a statement. "He is a tremendous talent, and we wish him well."

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The site has almost 100 million daily active users and more than 4 billion video views every day.