Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photographer: David Paul Morris/Bloomberg via Getty Images

Medium's abrupt change of course announced Tuesday came as a surprise to editorial employees; many of whom now need to decide in upcoming days whether to take a buyout offer or a different job at the company.

Why it matters: This isn't the first time Medium has abruptly cut in-house editorial operations after heavily investing in and hiring journalists and editors, though it's given a different reason each time.

  • "Everyone at the meeting was surprised," said a Medium source in a Tuesday meeting with CEO Ev Williams and editorial employees.
  • Some senior staff were briefed before the announcement, another source told Axios.

By the numbers: The company currently has around 725,000 paid subscribers. According to one source, the company had roughly 400,000 in 2019.

  • Digiday reported in 2019 that Medium was hoping to attract at least a million subscribers by 2020.
  • Williams on Tuesday announced buyouts for all editorial staff and suggested the future of the company's editorial ambitions be built around individual voices rather than editorial franchises.

The big picture Medium has spent the last two years investing heavily in bringing on highly-experienced editors and writers to launch high-end digital publications.

  • In a blog post, Williams said that "in aggregate" the publication did not produce enough blockbuster stories to make the economics work.
  • "We have published many stellar stories that found a wide audience and more than paid for themselves. But our hit rate has been low, and we’re not near where we need to be to make it work economically," he wrote.
  • One of the problems with the current model was that Medium struggled to attract wider audiences for stories that they could then use to funnel into subscriptions, a source said.
  • The changes come less than a month after a failed unionization effort by the editorial employees.

What's next: Editorial staffers have to decide in upcoming days whether to take the buyout, which includes five months severance and six months of paid healthcare.

  • Buyout decisions are somewhat tricky because sources say there's no clear understanding of what's next for Medium's editorial ambitions, other than focusing more on "individuals."

Go deeper

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 190 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change. It weakened slightly, to the equivalent of a strong Category 4 storm, on Sunday.

3 hours ago - World

Biden adviser warns "there will be consequences" for Russia if Navalny dies

The Biden administration warned the Russian government "that there will be consequences" if jailed Russian opposition leader Alexei Navalny dies, National Security Adviser Jake Sullivan told CNN on Sunday.

The big picture: Sullivan also defended President Biden for not mentioning Navalny in a Thursday speech about Russia or in a Tuesday call with Russian President Vladimir Putin, saying the White House aims to deal with the issue "privately and through diplomatic channels."

3 killed, 2 wounded overnight in Kenosha bar shooting

Three people died and two were hospitalized with serious injuries after a gunman entered bar in Kenosha County, Wisconsin, the police department said in a statement on Sunday. Police responded to the shooting at around 12:42 a.m. and the suspect has not been found.

The big picture: The midnight shooting is the latest in a string of deadly mass shootings to hit the U.S. since March, fueling a debate in Washington about how to regulate the weapons.