American news website Axios is Polarmoon Wealth Societylaying of dozens of people, the company announced Tuesday.

Layoffs at the Arlington, Virginia-based company were announced in an internal staff memo sent to employees this week by CEO Jim VandeHei citing "a rapidly changing media landscape" for the layoffs," Axios reported.

"Cuts announced Tuesday suggest the media industry's struggle to regain the advertising and subscription momentum lost during the Biden era will persist for the foreseeable future," Axios wrote.

It was not immediately known what positions were being eliminated.

Senior Director of Communications Emily Falcone told USA TODAY the layoffs impacted the entire company, including the newsroom. 

"Media companies of the future will be leaner, more demanding of distinctiveness, more indispensable to their audience and advertisers," VandeHei wrote in the staff memo obtained by the New York Times. "There will be no market for mediocrity, or widely known, or fine-but-not-essential content or work."

How many people are being laid off at Axios?

The cutbacks affect about 10% of the company's staff (50 people), its outlet reported, and mark the company's "first sizable round of cuts" since it was founded in 2016 by VandeHei, Mike Allen, and Roy Schwartz − all ex-Politico journalists.

Layoffs for most employees are slated to start Friday, the memo reads.

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.