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Online news outlet Axios has laid off about 50 employees this week, a nearly 10% reduction in staff.
Axios chief executive Jim VandeHei informed staffers of the layoffs this week in an email.
In his memo, Mr. VandeHei confirmed that Axios would still be hiring in key areas, but acknowledged that the company has struggled in the current media landscape.
“Media companies of the future will be leaner, more demanding of distinctiveness, more indispensable to their audience and advertisers,” he wrote in his email. “There will be no market for mediocrity, or widely known, or fine-but-not-essential content or work.”
Mr. VandeHei also said Axios would continue to focus on its business reporting while expanding its national and local news coverage.
This week’s layoffs are the first in Axios’ seven-year history and contribute to a long list of media layoffs this year. Smaller outlets have struggled to break even as news audiences continue to fragment and advertising revenue continues to dry up. Outlets such as Vice Media, Huffington Post and The Daily Beast have announced layoffs this year.
Larger outlets have also experienced cuts this year, including CNN, The Washington Post, NPR and BuzzFeed News, which shuttered its news division in a restructuring move.
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