News media platform Axios is cutting 50 jobs, representing 10% of its workforce, in a move attributed to the evolving media landscape, according to a report by the New York Post. In a memo to staff, CEO and co-founder Jim VandeHei acknowledged the difficult decision, stating that the company is making changes to adapt to the rapidly changing media landscape.
Axios, which employs 500 people, declined to specify which divisions would be affected by the layoffs. VandeHei explained the rationale behind the cuts in his memo, stating, “We’re eliminating about 50 positions to get ahead of tectonic shifts in the media, technology, and reader needs/habits. This is a painful but necessary move to tighten our strategic focus and shift investment to our core growth areas.”
He added that August 9th would be the last day for the affected employees and that details of their severance packages would be provided before that date. VandeHei expressed regret over the decision but took responsibility, emphasizing transparency and forthrightness in handling the situation. He also acknowledged potential employee frustration, stating, “This isn’t a reflection on anyone’s work—it’s because of changes in the media business. If you’re understandably upset by the decision, please direct your frustration at me.”
The layoffs at Axios are a reflection of the broader challenges facing the US media industry. Several media companies have experienced declining advertising revenue and sluggish web traffic, attributed to changes in Google and Facebook’s search algorithms. In January, Business Insider laid off 8% of its staff, and the startup The Messenger shut down completely, leaving 300 employees without jobs or severance.
VandeHei co-founded Axios with Mike Allen and Roy Schwartz in 2016, after previously working together at Politico. The company was acquired by Cox Enterprises in 2022 for $525 million. This recent round of layoffs highlights the ongoing adjustments and challenges within the media landscape as companies navigate evolving technologies and reader behaviors.
