Earlier this month, the company applied for and received a $4.8 million loan from the Paycheck Protection Program, a cash infusion that Axios co-founder and chief executive Jim VandeHei said was necessary to avoid layoffs. As advertising has collapsed, a handful of news organizations have taken the once unthinkable step of turning to the government for a lifeline. The unpleasant optics of accepting the loan “did factor substantially” into the decision to reverse course, he said. The Poynter Institute ($737,400), a nonprofit journalism education organization that owns the Tampa Bay Times, has also received funds. “While some of these outlets may be owned by large organizations, they must survive on their own,” wrote Dean Ridings, chief executive of the trade group America’s Newspapers in an advocacy piece.

Source: Washington Post April 29, 2020 16:30 UTC