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Vox Media CEO Jim Bankoff. Photo: Brian Ach/Getty Images for TechCrunch

Vox Media is furloughing 9% of its staff from May 1 through July 31, with health insurance premiums being fully covered, a source familiar with the moves tells Axios.

Why it matters: It's one of the many media companies forced to take drastic measures to survive the economic fallout of the coronavirus.

  • Last week, Vox Media solicited donations from readers, foreshadowing its struggles.
  • The digital publishing company owns brands like Eater, SB Nation, New York Magazine and The Strategist.

Additional measures are being taken in addition to layoffs, according to a source at Vox Media:

  • About 1% of staff are moving to reduced hours from May 1 through July 31, with health insurance premiums still fully covered.
  • There will be a temporary tiered pay reduction for employees starting at an annual salary of $130,000 for the same time period.
  • 401(k) matches will be suspended through the end of 2020.
  • There will be a freeze on merit-based increases and promotions.

In a memo to staff Friday obtained by Axios, Vox Media CEO Jim Bankoff wrote: "The expectations that we had just a few weeks ago for our business and our lives no longer apply."

  • "When I say it’s our goal to limit the impact on our employees, I mean it."

The big picture: The pandemic is forcing dozens of major media companies to carry out layoffs and pay cuts.

  • Group Nine Media, which includes brands like Thrillist, Seeker, The Dodo, PopSugar and NowThis, laid off 7% of its workforce last week.
  • Bustle Digital Group laid off two dozen staffers in early April and shuttered its tech website The Outline.
  • Cheddar, BuzzFeed and dozens of other digital-native websites have also resorted to layoffs, furloughs and other measures to survive the pandemic.

Be smart: The digital news industry has been reeling from a tough economic outlook for a while — and Vox Media laid off roughly 50 staffers in 2018.

  • It also laid off hundreds of freelancers last year, after a new law passed in California that reclassified freelance journalists as contract workers.

Go deeper:

Go deeper

In photos: D.C. and U.S. states on alert for pre-inauguration violence

National Guard troops stand behind security fencing with the dome of the U.S. Capitol Building behind them, on Jan. 16. Photo: Kent Nishimura / Los Angeles Times via Getty Images

Security has been stepped up in Washington, D.C., and state capitols across the U.S. as authorities brace for potential violence this weekend.

Driving the news: Following the Jan. 6 insurrection at the U.S. Capitol by some supporters of President Trump, the FBI has said there could be armed protests in D.C. and in all 50 state capitols in the run-up to President-elect Joe Biden's inauguration Wednesday.

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Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.