Axios executed its first-ever layoffs Tuesday, cutting roughly 10% of its staff, The New York Times reported.

That same day, The Tampa Bay Times announced it was offering buyouts to employees in an effort to reduce its headcount by 20%. The Times will implement layoffs at the end of the month if it does not reach its goal through buyouts.

Both news organizations cited industrywide financial challenges for their cuts. In a memo to staff, Axios CEO Jim VandeHei described the current environment as “the most difficult moment for media in our lifetime.” Readers are increasingly getting their news from social media and individual creators, and AI-generated news summaries are becoming more popular, VandeHei said.

“We’re eliminating about 50 positions to get ahead of tectonic shifts in the media, technology and reader needs/habits,” VandeHei wrote in his note to staff. “This is a painful but necessary move to tighten our strategic focus and shift investment to our core growth areas.”

VandeHei told staff that Axios will “double down” on national news, hiring more reporters to the division, and expand its local news initiative into more cities.

But some of the journalists laid off Tuesday were a part of those teams. Axios Local reporters in Tampa and Detroit, as well as a national news editor, shared on X that they had been laid off. The audience and visuals teams were also hit by the layoffs, according to members of those teams. The cuts extended beyond the newsroom. A member of the communications team shared she was also affected.

The layoffs are the first in Axios’ eight-year history and come two years after the company was sold to Cox Enterprises for $525 million. In a 2022 story announcing that deal, Axios noted that it had raised $55 million and still had much of that cash on hand because it has always been profitable. VandeHei told staff Tuesday that the company is set to grow revenue and audience year-over-year.

A spokesperson for Axios did not answer questions about whether the company is still profitable or if it is making any other cuts.

At The Tampa Bay Times, roughly 60 jobs will be eliminated by the end of the month. The Times has 270 employees, approximately 100 of whom work in the newsroom. Executives will take 10% pay cuts for the rest of the year while chairman and CEO Conan Gallaty takes a 20% pay cut.

The Times is facing revenue shortfalls, thanks to less-than-expected print advertising revenue, according to Gallaty. Though digital revenue is growing, it is not enough to make up for the declines in print.

As a result of the staff cuts, the Times will have to make changes to its products, though it is unclear what those changes will be. The last time the paper made such extensive staff cuts was at the height of the pandemic in 2020, according to the Times.

This has been a rough year for the media industry. More than 80 outlets have made staff cuts so far this year, with several shutting down completely. In the past month, news organizations as diverse as CNN, LAist and Entertainment Tonight all implemented layoffs. Trade publications Broadcasting + Cable and Multichannel News also announced Tuesday that they are stopping publication.

Revenue continues to be a major challenge for many outlets, especially local newspapers. During earnings calls last week, Gannett and Lee Enterprises — two of the largest newspaper chains in the country — reported declining revenues despite growing the digital sectors of their businesses.

By Angela Fu, media business reporter

Meet Tim Walz, Harris’ veep pick

Democratic presidential nominee Vice President Kamala Harris and her running mate Minnesota Gov. Tim Walz arrive at a campaign rally in Philadelphia, Tuesday, Aug. 6, 2024. (AP Photo/Matt Rourke)

Vice President Kamala Harris announced Tuesday morning that she has chosen Gov. Tim Walz of Minnesota as her running mate on the Democratic ticket. Walz made his campaign debut Tuesday night, at what The New York Times described as a “thunderous” and “packed” rally in Philadelphia (where he may have used a teleprompter for the first time).

Prior to entering politics, Walz served as a National Guardsman and worked as a high school teacher and football coach. Here’s a collection of links to get you up to speed on Walz.

• The Star Tribune’s Zoë Jackson with “Where Kamala Harris VP pick Gov. Tim Walz stands on key issues.”
• The Star Tribune’s Sharyn Jackson writes, “Want to know more about Tim Walz? Try making his hot dish recipe.”
• And The Star Tribune’s Rochelle Olson with “Dog parks, Diet Dew and car sickness: A collection of tidbits about Gov. Tim Walz.” (To satisfy the old journalism adage, the dog is a ​​black Lab mix named Scout.)
• One more from The Star Tribune. This is a few weeks old, but many are giving this interview credit for launching Walz’s vice-presidential candidacy. It’s Eder Campuzano with “‘These are weird people’: Minnesota Gov. Tim Walz went viral as he stumped for Kamala Harris.”
• MinnPost’s Peter Callaghan with “Odds were definitely not zero for Walz. Here’s how Minnesota’s governor become Harris’ running mate.”
• And MinnPost’s Ana Radelat has “Harris cites Walz’s experience as governor, coach, teacher, veteran in picking him as her running mate.” 
• PolitiFact’s Louis Jacobson and Amy Sherman with “Who is Tim Walz? What to know about Kamala Harris’ new running mate.”
• The Washington Post’s Ben Terris with “Could Tim Walz go from teaching history to being part of it?”
• The New York Times with “Tim Walz Is Kamala Harris’s Choice for Vice President.” And politics reporter Neil Vigdor with “Who Is Tim Walz, the Minnesota Governor Kamala Harris Picked to Be V.P.?”
• Politico’s Zach Montellaro and Steven Shepard write, “Harris has picked her running mate. What happens next?”
• And Politico’s Connor O’Brien and Eric Bazail-Eimil have “How Tim Walz could help Harris connect with veterans.”
• Vox News’ Christian Paz with “How Tim Walz actually handled the George Floyd protests in Minnesota.”
• Finally, a group of New York Times columnists with “He Stands Out in a ‘Sea of Elites and Strivers’: Our Writers on What Tim Walz Brings to the Ticket.”

By Ren LaForme, managing editor

Snooping around Paris

Snoop Dogg watches the dressage team Grand Prix final at the 2024 Summer Olympics, Saturday, Aug. 3, 2024, in Versailles, France. (AP Photo/Mosa’ab Elshamy)

At this point in the Paris Olympics, there’s probably one thing we can all agree on — it’s really Snoop Dogg’s show. Yes, we’ve had outstanding displays of excellence. Yes, we’ve seen riveting photo finishes. And yes, maybe we all care about the pommel horse now.

But through it all, there’s been Snoop.

“From the moment he carried the Olympic torch through its final stages in Saint-Denis to mark the beginning of the 33rd Games to his appearance this weekend at the dressage, no one has appeared to be having as much fun in the French capital as the US rapper,” The Guardian reported.

In Paris, the rapper and musician is working as a correspondent and hype man for Team USA.

And this isn’t his first Olympics. USA Today reports, “Three years ago, Snoop went viral alongside Kevin Hart for their equestrian dressage commentary.”

“His bit with Hart is a major reason behind his Parisian presence with NBC,” USA Today reported. “Snoop referred to his Tokyo experience as a ‘layup drill.’”

“This opportunity was nothing but a chance for me to show the world what it’s supposed to look like when you put the right person in the right environment,” Snoop said in an Associated Press story.

In case it helps your Wednesday, here’s Snoop Dogg and Martha Stewart visiting the equestrians (dressed perfectly for the job).

By Kristen Hare, Poynter faculty

Media tidbits and links

• MLK50: Justice Through Journalism has been awarded a $1 million grant from the MacArthur Foundation “to increase its editorial, operational and business strength and capacity,” the nonprofit announced.
• Fox News’ Trey Yingst has been promoted to chief foreign correspondent. In his new position, Yingst will continue to provide coverage of international issues and events from locations around the globe. “During major breaking news in every corner of the world, Trey has been the eyes and ears on the ground for our viewers since 2018,” Fox News Media CEO Suzanne Scott said in an announcement. “Trey’s indefatigable work ethic and dedication in multiple war zones has made him an incredible asset to FOX News and we are extremely proud of his first-class journalism.” Poynter’s Tom Jones spoke with Yingst in May about his reporting from some of the most dangerous parts of the world.
• Longtime media reporter Paul Farhi makes an interesting point: “Kind of amazing in 2024 that the most-watched programs on *all* of TV every week are the nightly newscasts” on ABC, NBC and CBS. Farhi excavated a quote, “from way back when,” from then-CBS chief Howard Stringer about the decline of network TV: “They keep saying the networks are dinosaurs. What they don’t say is that the dinosaurs ruled the earth for millions of years.”
• The New York Times’ Benjamin Mullin with “CNET to Be Sold to Ziff Davis in Sign of Possible Media Deals to Come.” And Axios’ Sara Fischer with “Red Ventures sells CNET to Ziff Davis.” 
• The Washington Post’s Shira Ovide writes, “6 ways the Google antitrust ruling could change the internet.”
• The Athletic’s Andrew Marchand writes, “Former NFL Network hosts Hanzus, Sessler start own podcast after leaving network: Sources”

Today’s Poynter Report was written by Angela Fu, Kristen Hare and Ren LaForme.

More resources for journalists

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