Photo: Eugene Gologursky/Getty Images for Iraq and Afghanistan Veterans of America

Craigslist founder Craig Newmark is investing $15 million into two separate efforts to boost efforts to strengthen journalism ethics for the digital age.

Why it matters: The media industry, once reliant on mostly advertising, has struggled to find a sustainable business model during the Internet age. Publishers have had to embrace new business models like events, sponsorships, and social publishing, but some of those efforts are harder to approach with full editorial independence.

By the numbers

$10 million will go towards launching the Craig Newmark Center for Journalism Ethics and Security and the Craig Newmark Professorship of Journalism at The Columbia Journalism School.

  • The Center will aim to advance and modernize journalistic ethics to account for modern realities of internet publishing, like the rise of propaganda and disinformation, per Steve Coll, dean of Columbia's Graduate School of Journalism.

$5 million will go towards creating the Craig Newmark Center for Ethics and Leadership at The Poynter Institute. This program will provide working journalists and industry leaders with relevant training and continued education.

  • The Center at Poynter will aim to strengthen ethical systems in newsrooms, says Kelly McBride, a media ethicist and Poynter's Vice President for Academic Programs.

The big picture: Newmark has already donated millions to causes to support journalism. He gave $20 million to the CUNY Journalism School last year and $20 million to fund The Markup, a non-profit investigative news startup.

"Right now, when our institutions are in some peril, regular people need to stand up for the country. The bottom line is that people like me have to go put our money where our mouth is."
— Craig Newmark to Axios

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.