Good afternoon: Today's PM — edited by Justin Green — is 474 words, a 2-minute read.
👀 Axios app users get a first peek tonight at our buzzy story on the 2020 election.
Illustration: Sarah Grillo/Axios
COVID-19 has accelerated the shrinkage of journalism.
Why it matters: If it could happen to The Atlantic, where 68 staffers were laid off today, it could happen to any media company, Axios' Sara Fischer reports.
The big picture: 2.4 million Americans filed for unemployment last week, reports Axios' Courtenay Brown.
Between the lines: The coronavirus hit multiple fronts on diversified publishers.
What's next: Layoffs like this in crisis usually happen in waves, so a fall coronavirus resurgence could bring another round of job losses.
The bottom line: The Atlantic's troubles, combined with the struggles at other billionaire-backed publications like the Los Angeles Times, serve as an important reminder that the industry has few sustainable paths forward without viable business models.
People cheer for medical workers at 7 p.m. last night in New York.
Illustration: Rebecca Zisser/Axios
Netflix is preparing to cancel subscriptions of people who stopped watching, the company said in a press release today.
The company estimates this will amount to a few hundred thousand people.