On Wednesday, Vox Media announced that they would be laying off roughly 50 employees, with 12 other employees offered “role changes.”

As noted by The Hollywood Reporter, the news of the cuts came from a memo from CEO Jim Bankoff to the staff; he said the Racked, Curbed, SB Nation, and Video Services teams would be “bearing the biggest impact.”

Bankoff wrote, “As a result of our decision to wind down certain initiatives, we’ll be saying goodbye to some of our talented colleagues who have made valuable contributions to our success,” adding that the move made Wednesday “one of the toughest days we’ve had as a company … 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.”

Bankoff stated that ideas revolving around social video, while “growing successfully and surpassing audience growth goals, won’t be viable audience or revenue growth drivers for us relative to other investments we are making,” adding that “industry changes over the past few months and our long-term budgeting process” had affected the material. Last week Bankoff acknowledged Vox would eschew producing Facebook-native content because of “its unreliable monetization and promotion.”

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