Illustration: Rebecca Zisser/Axios

The Blackstone Group agreed to buy a majority stake in Magic Lab, the owner of dating apps Bumble and Badoo, at an enterprise value of around $3 billion.

Why it matters: This represents a heartbreaking loss for Match Group, whose love/hate relationship with Magic Lab has included both takeover efforts and lawsuits. Now Match will be forced to watch as Magic Lab and Blackstone get more serious, likely leading to an IPO ceremony.

CEO shuffle: Bumble founder Whitney Wolfe Herd becomes CEO of Magic Lab, and retains most of her stake. Magic Lab founder and CEO Andrey Andreev sells his entire position to Blackstone.

The bottom line: "Bumble sets itself apart from other dating apps with its requirement that women initiate a conversation that might lead to a date. Blackstone aims to help it expand into more geographies and to continue branching out into facilitating nondating-related social meetups." ⁠— Miriam Gottfried, WSJ

Go deeper: Blackstone Group to pay $5.9 billion for Colony Capital warehouses

Go deeper

Updated 1 min ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

U.S. economy sees record growth in third quarter

Shoppers carrying Forever 21 bags in Times Square. Photo: Alexi Rosenfeld/Getty Images

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.