Vox and Condé Nast are latest to announce media layoffs

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

Vox Media and Conde 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.