During the last few years in media, venture-backed publishers got to operate one way, while independent publishers had no choice but to operate another. The media world’s experience with the Small Business Administration’s Paycheck Protection Program thus far has felt dismally similar to that dynamic.
Over the past week, smaller publishers have fumed at headlines that several venture-backed media companies. Axios (total capital raised: $57 million, including a $27 million round in December 2019) got a $4.8 million loan. Bustle Digital Group (total funding raised: $80.5 million) received $7.5 million. Meanwhile, many smaller publishers have found themselves shut out. (Axios backtracked and returned its PPP loan on Tuesday, saying it found other funding sources and “the program had become divisive.”)
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