News Platform Axios Cuts 50 Jobs, Calls Move 'Painful But Necessary', Says Report


(MENAFN- Live Mint) News media platform Axios is axing 50 jobs or 10 per cent of its employees in a move CEO and co-founder Jim VandeHei blamed on the "rapidly changing media landscape", the New York Post reported.

In a memo to staff, VandeHei said the company is making "difficult changes to adapt fast to a rapidly changing media landscape”. Axios employs 500 people.

A spokesperson for Axios refused to confirm which divisions would see the cuts, the report added.

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“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 wrote.

He added that Friday (August 9) would be the last day for fired employees and said that details of their severance packages will be provided before that.

In his memo, the CEO expressed sadness at the decision, but said he took responsibility, adding that the "right way way to handle this is forthrightly and transparently.”

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“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," he stated.

Slowdown in Media

The report noted that the layoffs at Axios come as a number of US media companies have witnessed a drastic shrinking of advertising revenues and slowed web traffic due to Google and Facebook 's search algorithm changes.

In January, Business Insider sacked 8 per cent of its employees, while start-up The Messenger completely shut down in the same month. The venture was not even a year old and left 300 jobless and without severance, as per the NY Post report.

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VandeHei co-founded Axios with Mike Allen and Roy Schwartz, his cohorts from Politico, in 2016. The company was sold to Cox Enterprises in 2022 for $525 million.

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