Axios CEO described the current media environment as 'the most difficult moment for media in our lifetime' due to changing reader habits and popularity of AI-generated news summaries.
Axios is cutting 50 positions to adapt to shifts in media, technology, and reader needs, while focusing on national news and local news initiatives.
Despite the layoffs at Axios, the company aims to grow revenue and audience year-over-year, following being profitable and raising significant funds in the past.
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