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Photo: Schöning / ullstein bild via Getty Images

CNN will sunset a number of digital initiatives this year in an effort to stay nimble, Axios has learned. The company will also launch new projects as it continues to test what resonates best with its audience and drives revenue.

Why it matters: Big-money projects and restructuring are part of the network's commitment to pivoting its business model towards profitability, even if it means cutting ties with major investments.

CNN has a mandate to fail fast, meaning initiatives that don't show a promising return on investment after a few months will be re-evaluated in order to stay competitive.

  • Last week, the network cut ties with Casey Neistat and folded his video business, Beme, into its core brand. Sources say Neistat became disinterested and absent shortly after the acquisition, which contributed to CNN’s decision to shutter Beme — rumored to have cost the company $25 million — as a standalone business.
  • The company is looking to re-establish its relationship with Snapchat in an effort to create a partnership that drives more engagement and revenue in the future.

The big picture: CNN's digital focus is a part of Turner 2020, the six-year initiative from CNN's parent company to focus its efforts on profitability. The company has hired more than 200 staffers to work on CNN digital since the fall of 2014. Per comScore, CNN pulled in 110 million domestic uniques last month.

At the heart of CNN's big bets is Great Big Story (GBS), a millennial video startup funded in full by CNN that is driving massive audience growth, particularly among millenials, for the network.

  • In Q4 of 2017, GBS reached an average audience of 196 million per month across platforms and has quintupled it’s YouTube subscriber list to roughly 1.86 million subscribers.

Flashback: NYT's Jan. 2017 2020 Group strategy report: "We're no longer in a period when most coverage leaders have the luxury of 'figuring it out' over multiple years."

Go deeper

Updated 2 hours ago - Sports

Olympics dashboard

Team USA's Simone Biles watching the women's uneven bars final at the Olympic Games in Tokyo, Japan, on Sunday. Photo: Jamie Squire/Getty Images

🚨: Simone Biles will compete in her final Olympic event

⚽: U.S. women's soccer team falls to Canada in semifinals, ending chances at gold

🏋️‍♀️: Laurel Hubbard becomes first openly trans woman to compete at Olympics

🤸: U.S. gymnast Jade Carey wins Olympic gold in floor exercise final

🪧: IOC "looking into" American Raven Saunders' Olympic podium protest gesture

📷In photos: Day 10 Olympics highlights

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 3 hours ago - Sports

Laurel Hubbard becomes first openly trans woman to compete at Olympics

Laurel Hubbard. Photo: Stanislav Krasilnikov\TASS via Getty Images

New Zealand weightlifter Laurel Hubbard made history on Monday as the first openly transgender female athlete to compete at the Olympics.

Why it matters: The presence of trans and nonbinary athletes at this year's Games has been celebrated by LGBTQ+ rights advocates, but stirred controversy among critics, who argue trans women have an unfair advantage even after taking hormones to lower their testosterone.

Index fund investors saved $357 billion over last 25 years

Illustration: Sarah Grillo/Axios

Investors who’ve opted to passively track the stock market haven’t just outperformed most active fund managers. They’ve also saved a ton of money in fees while doing it.

Why it matters: There are loads of active fund managers aiming to beat the returns of funds that track indexes like the S&P 500.