The Associated Press will reduce its workforce by 8 percent, the outlet announced Monday, as it continues to grapple with financial challenges.

The cuts will involve a mix of layoffs and voluntary buyouts, CEO Daisy Veerasingham told staff members. Employees eligible for buyouts are set to receive their offers by the end of Monday, while those affected by layoffs will be notified in the coming weeks.

"We all know this is a time of transformation in the media sector," Veerasingham wrote. "Our customers—both who they are and what they need from us—are changing rapidly. This is why we’ve focused on delivering a digital-first news report. We now need to accelerate on this path."

The Associated Press joins a slew of mainstream media outlets in downsizing this year amid declining advertising revenue and slowing subscription growth. The New York Times, CNN, the Washington Post, BuzzFeed, and Axios have all sought to mitigate financial strains by slashing jobs in recent months.

The Associated Press is "under financial pressure" after a number of news organizations stopped purchasing its news reports this year, the Times reported. Gannett, publisher of USA Today and the nation’s largest newspaper chain, dropped the Associated Press’s service in March, ending a century-old partnership.