Arlington, Virginia-based Axios is the latest media company to slash jobs — its first significant cuts since Axios was founded in 2016.

Axios is laying off 10% of its staff, or around 50 employees, according to an employee memo from CEO Jim VandeHei, who cited a rapidly changing media landscape as reason for the cuts.

In reporting layoffs among its own ranks, Axios said a slew of media cuts suggest news outlets are struggling to regain the advertising and subscription momentum lost during the Biden era, which will persist for the foreseeable future.

“This is a painful but necessary move to tighten our strategic focus and shift investment to our core growth areas. We’re making some difficult changes to adapt fast to a rapidly changing media landscape,” VandeHei said in the internal memo obtained by the New York Times.

VandeHei, Mike Allen and Roy Schwartz founded Axios after leaving Politico.

Axios’ cuts follow other local media downsizing, including job cuts and voluntary buyouts at the Washington Post last year, and WAMU’s decision to shutter local news website DCist earlier this year.

Media cuts nationally have included CNN, Sports Illustrated, The L.A. Times, Wall Street Journal and BuzzFeed.