Nov 11, 2019

Blackstone Group buys majority stake in Bumble parent company

Dan Primack, author of Pro Rata

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

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Rebecca Falconer, Orion Rummler, Rashaan Ayesh
Updated 17 mins ago - Politics & Policy

George Floyd updates

Protesters gather north of Lafayette Square near the White House during a demonstration against racism and police brutality, in Washington, D.C. on Saturday evening. Photo: Jose Luis Magana/AFP via Getty Images

Tens of thousands of demonstrators have been rallying in cities across the U.S. and around the world to protest the killing of George Floyd. Huge crowds assembled in Washington, D.C., Philadelphia and Chicago for full-day events on Saturday.

Why it matters: Twelve days of nationwide protest in the U.S. has built pressure for states to make changes on what kind of force law enforcement can use on civilians and prompted officials to review police conduct. A memorial service was held for Floyd in Raeford, North Carolina, near where he was born. Gov. Roy Cooper ordered all flags to fly at half-staff to honor him until sunset.

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Axios
Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 6,889,889 — Total deaths: 399,642 — Total recoveries — 3,085,326 — Map.
  2. U.S.: Total confirmed cases as of 11:30 p.m. ET: 1,920,061 — Total deaths: 109,802 — Total recoveries: 500,849 — Total tested: 19,778,873 — Map.
  3. Public health: Why the pandemic is hitting minorities harder — Coronavirus curve rises in Florida — How racism threatens the response to the pandemic — Some people are drinking and inhaling cleaning products in attempt to fight the virus.
  4. Tech: The pandemic is accelerating next-generation disease diagnostics — Robotics looks to copy software-as-a-service model.
  5. Business: Budgets busted by coronavirus make it harder for cities to address inequality — Sports, film production in California to resume June 12 after 3-month hiatus.
  6. Education: Students and teachers flunked remote learning.
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Rashaan Ayesh, Rebecca Falconer
Updated 5 hours ago - World

In photos: People around the world rally against racism

Despite a ban on large gatherings implemented in response to the coronavirus pandemic, protesters rally against racism in front of the American Embassy in Paris on June 6. Photo: Julien Mattia/Anadolu Agency via Getty Images

Tens of thousands of people have continued to rally in cities across the world against racism and show their support this week for U.S. demonstrators protesting the death in police custody of George Floyd.

Why it matters: The tense situation in the U.S. has brought the discussion of racism and discrimination onto the global stage at a time when most of the world is consumed by the novel coronavirus.

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