Severe financial turmoil in the media world is continuing with more shutdowns and layoffs taking place this week.

Axios is laying off some 50 staffers, CEO Jim VandeHei announced Tuesday in an internal memo.

VandeHei told his workers the outlet would be nixing 50 positions to "get ahead of tectonic shifts in the media, technology, and reader needs/habits."

"This is a painful but necessary move to tighten our strategic focus and shift investment to our core growth areas," he wrote.

"We're making some difficult changes to adapt fast to a rapidly changing media landscape."

VandeHei noted he sought to break the news to each staffer individually, "but the mechanics of that proved infeasible."