Axios laid off 50 employees on Tuesday, CEO Jim VandeHei told staff in a memo obtained by The Daily Beast. The cuts across the roughly 500-person company impacted every team proportionately, and VandeHei said the losses were necessary to “get ahead of the tectonic shifts in the media, technology, and reader needs/habits.” VandeHei said the company’s mandate is “to build a trusted, top-quality media company that can outlast us all,” he wrote in an email formatted in the outlet’s signature “Smart Brevity” style. “That means looking around the corner to what’s ahead. As I’ve said before, this is the most difficult moment for media in our lifetime. Only those who move fast — and make difficult, decisive moves — will thrive.” The company, which was purchased in 2022 by Cox Enterprises for $525 million, has often touted its success in both public statements and in public moves. Axios launched a new entertainment division in January to produce nonfiction shows and films, and it’s known for its lavish White House Correspondents’ Dinner parties each year. Earlier this year, VandeHei referred to himself as the CEO of a “highly successful” media start-up.
