Jul 28, 2020 - Economy & Business

Sports-focused SPAC co-chaired by Billy Beane files for $500 million IPO

Dan Primack, author of Pro Rata

Billy Beane in 2018.Photo: Dai Sugano/Digital First Media/The Mercury News via Getty Images

RedBall Acquisition, a special-purpose acquisition company focused on buying a professional sports franchise, filed for a $500 million IPO.

Details: It's sponsored by private equity firm RedBird Capital Partners, and co-chaired by former Oakland A's executive Billy Beane.

Why it matters: This is the intersection of two red-hot trends, raising blank-check acquisition companies and institutional investment in pro sports.

The bottom line: Don't be surprised if this SPAC, which has around $2 billion of buying power, focuses on European soccer. RedBird recently bought France's Toulouse FC, while Beane has spent the past few years advising Dutch club AZ Alkmaar.

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Dion Rabouin, author of Markets
Aug 4, 2020 - Economy & Business

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).

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Dion Rabouin, author of Markets
53 mins ago - Politics & Policy

Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

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Axios
Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 31,346,086 — Total deaths: 965,294— Total recoveries: 21,518,790 — Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,130 — Total deaths: 199,890 — Total recoveries: 2,615,949 — Total tests: 95,841,281 — Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.
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