The left-wing media company Vox has announced it will lay off 50 employees, principally targeting the company’s social video teams.
“As a result of our decision to wind down certain initiatives, we’ll be saying goodbye to some of our talented colleagues who have made valuable contributions to our success,” Vox CEO Jim Bankoff wrote in a message to employees, describing it as “one of the toughest days we’ve had as a company.”
“Our leadership team and I took this decision very seriously,” he continued. “We know it has a big impact on the lives of our co-workers who will be leaving, as well as on the morale of those who remain. We commit to treating all those affected with professionalism, compassion, and dignity.”
Bankoff added that despite “growing successfully and surpassing audience growth goals,” projects around social media are no longer “viable audience or revenue growth drivers for us relative to other investments we are making.”
The layoffs come months after Vox dismissed two employees, including a high-ranking editorial director, amid claims of sexual harassment.
Vox is one of many media companies forced to lay off a sizeable proportion of its workforce to adapt to a changing industry.
Last November, BuzzFeed cut around 100 employees and eight percent of its U.S. workforce after missing revenue targets, while CNN last month parted ways with around 40 employees as part of a restructuring effort.
“We are in a strong place creatively, journalistically, and financially,” Bankoff maintained. “However, staying ahead of the pack in this business requires not only relentless execution but also making tough decisions like this, doing what we must when necessary to maximize opportunity in places with the clearest positive outcomes.”