Vox lays off at least 20 people in second round of cuts this year while Condé Nast to reduce staff by 5% over next few months

Vox Media and Condé Nast announced sweeping cuts this week in various departments, adding to a long list of recent upheaval within media organizations around the world.

The two media powerhouses held layoffs on Thursday after losing a hard-fought battle against the declining ad market, which makes up a large portion of revenue for these companies.