Axios is laying off approximately 50 staff members due to "shifting reader attention and behavior" and changes in the media landscape.
Staff at the news organization were reportedly informed of the layoffs in a memo formatted to look like an Axios article.
The layoffs represent about 10 percent of the 500-person company.
CEO Jim VandeHei sent the internal memo on Tuesday, stating, “We’re making some difficult changes to adapt fast to a rapidly changing media landscape.” NEW: Axios is laying off 50 people across the company. CEO @JimVandeHei just sent out this note — which says the layoffs are because of “changes in the media business” pic.twitter.com/lLVemNFh0N
— Katie Robertson (@katie_robertson) August 6, 2024
The memo continued, “Why it matters: We’re eliminating about 50 positions to prepare for tectonic shifts in the media, technology, and reader needs/habits.”
According to a report from Fast Company, "With the same quippy bullet points and bolded subjects that you would find in an Axios newsletter or article, VandeHei detailed how newly unemployed workers would receive their severance packages, explored the economic pressures facing the company, and conceded that Axios is not necessarily a struggling business." Oh God, they formatted their layoff notice like an Axios story. Horror compounding horror. https://t.co/jFVJKRHp5g it's a sad day for those of us at Axios that are losing beloved colleagues -- i promise our internal email format is not the most gutting thing about this news and saying so is not very nice to those laid off!
— Ethan Corey (@EthanSCorey) August 6, 2024
— Ashley Gold (@ashleyrgold) August 6, 2024
“Yes, we’re doing better than others in our competitive set—by growing readership, rapidly expanding events and high-end subscriptions, and cranking out viral content for a demanding audience,” VandeHei wrote. “Yes, we’ll grow revenue and audience year-over-year. But we need to stay ahead of changes unfolding fast across American media.”
The memo informed those laid off that they would receive an "accompanying email" with information about their severance packages.
Deadline reports, "Axios plans to focus on national as well as hyper-local city news and on expanding its Axios Pro business vertical."
