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Vox Media CEO Jim Bankoff issued a memo to staff Wednesday morning announcing layoffs to roughly 50 employees, or about 5 percent of its workforce, with publications Racked, Curbed, SB Nation and its video services team hit hardest.

The company is also offering to reshuffle about a dozen employees to different roles and will make "smaller changes elsewhere in the company," the memo said.

"In the past 9 years, my group emails have mainly been to celebrate successes," Bankoff wrote in the memo. "Unfortunately, today is one of the toughest days we've had as a company. 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."

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