Axios cutting 10% of staff

Digital news site Axios is cutting 10% of its staff, it was announced Aug. 6, 2024.

Those layoffs amount to about 50 employees. The company had around 500 employees and this is its first round of layoffs. Employees will work until Aug. 9, 2024, and will receive severance packages based on their length of service and other factors.

Axios launched in 2017, founded by a trio of former Politico staffers.

The site made a name for itself for using a bullet-point and summary style that also includes labels such as “why this matters” within content, something it has taken to calling “smart brevity.”

Cox Enterprises, the parent of TV station Cox Media Group, purchased the site in 2022. At the time the deal valued the company at $525 million.

Going forward, the company will focus more on creating content around U.S. news and accelerate launching more newsletters targeted at U.S. cities. Plans also call to continue to build out its paid Axios Pro product.

Axios generates revenue from selling sponsored articles that mimic the appearance of news articles.

It also sells sponsorships in email newsletters, podcasts and its connected TV product Axios+.