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.”

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