Jim Bankoff, CEO of D.C.-based Vox Media, announced plans to lay off around 50 employees, with the Racked, Curbed, SB Nation, and Video Services teams “bearing the biggest impact.”

Additionally, stated The Hollywood Reporter, “he said that around 12 other employees will be offered “role changes.” The cuts amount to around 5 percent of Vox Media’s staff.

“”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,” Bankoff wrote, calling (the announcement) “one of the toughest days we’ve had as a company.”

“He continued: “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.””

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