Nov 7, 2017

Billionaire Bill Ackman: why malls are here to stay

Bill Ackman, CEO and founder of Pershing Square Capital. Photo: Richard Drew / AP

Credit Suisse analysts predict that upwards of 1 in 4 malls in the United States will close by the year 2022, as Americans turn to online shopping rather than spending their weekends browsing the selections at traditional stores.

But that doesn't mean that many malls won't reinvent themselves, according to billionaire investor Bill Ackman. He tells CNBC:

[Malls are] going to have different tenants, in 5 and 10 years from now. Think about what a mall is. A mall is 100 acres at the intersection of the two most important highways in a particular community . . . It's going to be more food and entertainment and innovative concepts."

Go deeper: How America's malls are already making the transition

Go deeper

The business of tear gas

Illustration: Eniola Odetunde/Axios

U.S. forces yesterday used tear gas on peaceful protesters outside the White House gates, prior to a declared curfew, clearing a path for President Trump to visit a riot-damaged church for a photo opportunity.

The state of play: Two of the largest U.S. producers of tear gas are owned by private equity firms, but those firms have no interest in discussing their ownership.

Cerebus sells control of Steward Health Care back to company

Illustration: Aïda Amer/Axios

Cerberus Capital Management has agreed to sell control of community hospital group Steward Health Care back to the company, as first reported by the New York Times and confirmed by Axios.

Why it matters: This would make Steward one of the country's largest physician-owned and operated companies. It also marks the end of a 10-year ownership period for Cerberus, which was most recently marked by threats to shutter a Pennsylvania hospital in March, despite the pandemic, if the facility didn't receive state bailout funds.

Exclusive: Washington Post makes major move into local news

People entering the Washington Post building in D.C. in 2019. Photo: Eric Baradat/AFP via Getty Images

The Washington Post has signed all 30 of McClatchy's local news outlets to its Zeus Performance product, a software that gives sites better speed, ad view-ability and performance, executives tell Axios.

Why it matters: By adding more local news outlets, The Post can start to build a local news ecosystem within its tech stack.