Robinhood's media arm, Sherwood, has laid off staff."We made the decision to streamline team structure," a spokesperson said.Sherwood joins several media companies that have conducted layoffs this year.Sherwood, the media arm of the financial tech giant Robinhood, has laid off staff.Sherwood joins several other publishers that have cut staff this year, including NBC News, CNN, TechCrunch, and Vox."Over the past 18 months, Sherwood has hired dozens of journalists, launched new products, and acquired the newsletter brand Chartr," a Robinhood spokesperson told Business Insider in a statement. "As we built out our 2025 strategy, we made the decision to streamline team structure."The spokesperson declined to say how many employees were impacted but said it was a small percentage of staff."Moving forward, Sherwood is focused on expanding its operations around timely, breaking markets news as we build through 2025," the spokesperson added.Robinhood unveiled its media arm in 2023 under the Sherwood branding. It was set up as an independent subsidiary led by the journalist and entrepreneur Joshua Topolsky, who serves as its editor-in-chief and president.Axios reported that when the Sherwood News website launched in April 2024, the outlet had roughly three dozen employees, including two dozen veteran journalists from Bloomberg, The New York Times, Axios, and Gawker.Sherwood's editorial focus includes markets, tech, and "the culture of money."The website features a section dedicated to Snacks, the popular newsletter Robinhood acquired in 2019. Robinhood also purchased Chartr, a data-driven newsletter publisher focused on visual storytelling, in 2023.