Axios, the digital news brand whose backers include Jeffrey Katzenberg’s WndrCo and Greycroft Partners, is returning a $4.8 million loan it secured as part of the troubled Paycheck Protection…
said the decision was made to give back the funds because “the program has become much more politically polarized since its inception.” He said the company is exploring other avenues to shore up its business. “Over the past week, a new alternative source emerged, giving us the confidence to return the PPP funds,” he said.and pay workers, but more than two dozen companies have had to return funds after being criticized for crowding out more deserving recipients.
Like other media businesses, Axios has suffered in recent weeks from the abrupt pullback in advertising and the lack of live events and conferences. Among the other applicants for PPP funding are the publishers of theVandeHei, a co-founder of Politico, launched Axios four years ago. It gained wider notice in the entertainment world in 2018 when it set a deal for branded documentary series onIn an interview with CNBC Tuesday, U.S.
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