Arthur Elgort/Conde Nast via Getty Images

Condé Nast, the media publisher known for its high-end magazine products like Wired, Vogue, The New Yorker, GQ, Glamour, Architectural Digest, Vanity Fair and more, said Wednesday that it plans to lay off 100 U.S. employees and furlough about 100 more.

Why it matters: It's the latest media company forced to take drastic measures to survive the economic fallout of the coronavirus. Magazine publishers in particular have been hit hard, as their businesses were vulnerable to sweeping changes for years prior to the pandemic.

Details: In a note to staff, CEO Roger Lynch, a former Pandora radio and and Sling TV executive, said, "These decisions are never easy, and not something I ever take lightly. I want to be transparent about the principles and approach we used."

  • Lynch said the company tried to identify specific areas where it could "bring down our costs without limiting our growth priorities."
  • He said the company is providing severance packages "to help provide a bridge to people’s next roles" as well as job placement resources. The company will cover the full cost of healthcare premiums for furloughed employees.
  • Lynch also noted that with the job cuts, there will also be a handful of people with reduced work schedules.

Between the lines: The news doesn't come as a total shock. In April, the New York Times reported that Condé was considering significant cost-cutting measures to prepared itself for the crisis.

  • Magazine companies have been particularly vulnerable to downturns in the advertising market. Legacy print magazines, which often focus on high-end retail and consumer goods, like fashion, are expected to lose millions in ad revenue throughout the pandemic.

Be smart: For flashy magazine publishers that are used to the decades-old glitz and glam publishing culture, the digital revolution coupled with the global pandemic has become a bit of a shock.

  • Other magazines, like The Hollywood Reporter, Billboard, Fortune, and magazine conglomerate Meredith have also begun to take serious cost-cutting measures, including layoffs, pay cuts and furloughs.

The bottom line: The trends that were hitting the glossy magazine publishing business have been accelerated by the pandemic, and it's unclear whether the industry will ever be able to return to its days of high-end travel and grandeur.

Go deeper

Exclusive: The N.Y. Times doubles down on TV and film ambitions

Illustration: Aïda Amer/Axios

One of the country's oldest and most established media companies is starting to look more like a Hollywood studio than a traditional newspaper.

Driving the news: The New York Times has 10 scripted TV show projects in development, as well as 3 feature documentaries coming out this year and several other documentary projects in development and production, executives tell Axios.

Updated 13 mins ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

France reported more than 2,500 new COVID-19 cases in 24 hours — the largest single-day number since May. French officials said the situation was "clearly worsening," per France 24.

By the numbers: Over 745,600 people have died of the novel coronavirus globally and over 20.4 million have tested positive, per Johns Hopkins. Almost 12.7 million have recovered from the virus.

Biden campaign raises $26 million in 24 hours after announcing Harris as running mate

Joe Biden and Kamala Harris. Photo: Olivier Douliery/AFP via Getty Images

Joe Biden's campaign announced on Wednesday that it raised $26 million in the 24 hours after revealing Sen. Kamala Harris as his vice presidential pick.

Why it matters: The cash influx signals that Harris has helped the Democratic presidential campaign pick up steam. Nearly 150,000 contributors were first-time donors, according to the campaign statement.