Axios, a political news site founded by former Politico employees, announced Tuesday it is laying off 50 employees, 10% of its staff, The New York Times reported.

CEO Jim VandeHei, who launched Axios in 2017 with Mike Allen and Roy Schwartz, said the cuts were due to "change in the media business" in an email sent to employees obtained by the Times.

"This is the most difficult moment for media in our lifetime," VandeHei wrote. "Only those who move fast — and make difficult, decisive moves — will thrive. We will continue to hire in key areas but cannot ignore the changes around us."

The eliminated positions include reporters, the Times said. This is the first time Axios has conducted layoffs.

"Media companies of the future will be leaner, more demanding of distinctiveness, more indispensable to their audience and advertisers. There will be no market for mediocrity, or widely known, or fine-but-not-essential content or work," VandeHei wrote.

"Think of today's announcement as tightening our focus on areas we feel confident we can dominate, scale and monetize."

The website is known for its quick-hit stories, summarized in bullet-point format. In 2022, it was sold to Cox Enterprises for $525 million. VandeHei continues to run Axios with Allen and Schwartz.

Axios plans to increase its focus on U.S. news coverage and expand its city-specific newsletters to new locations, the Times reported. The company will also build out its paid subscription product, Axios Pro, aimed at business professionals, the Times reported.

VandeHei has also said the company wants to increase its live events and build paid memberships around its bigger-name reporters, the Times said.

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