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Pink Slips At Vox

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Digital media company Vox Media Wednesday announced the lay off of about 50 employees in a major staff shakeup at the company.

The job cuts will affect around 5% of Vox Media's workforce. The news were announced in a memo from Vox Media CEO Jim Bankoff to staff Wednesday.

The cuts mostly targeted Vox Media's Racked, Curbed, SB Nation and the video services team. Bankoff cited "industry changes over the past few months" as a reason for the cuts.

"This morning we will let go around 50 people and are offering role changes to about a dozen others. The groups bearing the biggest impact are the Racked, Curbed, SB Nation, and the Video Services teams, although there are also some smaller changes elsewhere in the company," Bankoff said in the memo, a copy of which was obtained by TheWrap.

"Our leadership team and I took this decision very seriously. 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," he added.

by RTTNews Staff Writer

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