Severe financial turmoil in the media world is continuing with more shutdowns and layoffs taking place this week.
Axios is laying off some 50 staffers, CEO Jim VandeHei announced Tuesday in an internal memo.
VandeHei told his workers the outlet would be nixing 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.
“We’re making some difficult changes to adapt fast to a rapidly changing media landscape.”
VandeHei noted he sought to break the news to each staffer individually, “but the mechanics of that proved infeasible.”
“Today is a sad day, and our full emphasis will be on handling a hard moment with grace, empathy, and honesty,” VandeHei added. “Our departing colleagues will be treated with great respect, and with thoughtful severance packages to provide runway toward their next opportunity.”
The CEO is taking full responsibility for the slashing, indicating: “The right way to handle this is forthrightly and transparently.”
Also Tuesday, Ziff Davis acquired CNet from Red Ventures for about $100 million. CNet had been previously acquired by CBS for $1.8 billion and later sold to Red Ventures in 2020 for $500 million.