Axios

Some private equity firms buy alcohol companies, while others are teetotalers that avoid all "sin" deals. Then there's Cordillera, which is investing in the actual fermented fluids.

Driving the news: Cordillera last week announced that it's raised $62 million for a fund dedicated to buying and aging whiskey barrels.

Backstory: The Bay Area firm was founded 10 years ago to invest in niche, non-correlated assets. Or, as co-founder Chris Heller puts it, "off-the-beaten-path, weird stuff."

• Early efforts included music royalties and litigation, although Cordillera likes to exit once others begin to enter. That led it to new areas like boating marinas and, more recently, barrels of whiskey.
• "We had three different players in the spirits space point out to us an anomaly, which was that the aging curve for whiskey was particularly steep because the bourbon boom had caused demand to massively outstrip supply," Heller explains.
• "So we ended up making a couple investments out of our second and third funds, and then decided it was worth a dedicated effort."

What to know: Most bourbon makers used to be vertically integrated, which meant they did the distilling, aging and distribution. Jim Beam, Jack Daniel's, etc.

• But then came a new generation of craft brands that didn't have the money to build their own distilleries, and instead preferred to buy barrels.
• Cordillera plays in that middle space, buying barrels from distillers, aging them, and then selling them to premium and ultra-premium brands.

The risk: It's been 17 years since "Mad Men" made brown liquor cool again, and there are some signs that demand growth is slowing.

• In fact, Heller says he expects this to be his firm's only whiskey-dedicated fund, because the returns won't be as attractive in a few years.
• Meanwhile, there also are some supply side worries that large, vertically integrated players could have a glut of shadow inventory that they'll roll into the market. Kind of like what happened when Seagram shut down in 1990.

The bottom line: Bottoms up.

Walmart stock splits used to be a regular event — there were six of them just between November 1980 and June 1990. But it's now almost 25 years since the last one, in March 1999.

Why it matters: Nowadays, almost every brokerage, including Walmart's own Associate Stock Purchase Plan, allows the purchase of fractional shares, making a company's nominal share price less important than ever.

Deep reservoirs of individual and philanthropic wealth are being tapped in an attempt to save or rebuild the news industry. In reality, however, large amounts of up-front liquidity never seem to be the solution to the problem.

Driving the news: The demise of The Messenger this week is just the latest in a stream of headlines about small or fast news-media implosions. Its founder, Jimmy Finkelstein, wrote this in his note to staff:

Over the past few weeks, literally until earlier today, we exhausted every option available and have endeavored to raise sufficient capital to reach profitability.

Gambling platforms are unleashing plans to become the next great sports media companies.

Why it matters: Online sports betting is one of the fastest-growing markets — and it's only going to get even more competitive. The best content may well be key to winning the pot.

After years of muted farmhouse-style kitchens, 2024 ushers in an earthier era, with greens, blues, natural wood tones and warm metals.

Why it matters: The kitchen sells the house! And even if you're not selling, you might be up for a refresh.

Microsoft flaunted its head start in generative AI this week as Big Tech reported earnings.

Why it matters: Investors increasingly want to see more results than hype.

The U.S. Securities and Exchange Commission this week said it would not amend its controversial "gag rule" tied to settlement agreements.

Why it matters: The long-standing policy has been criticized over the years by targets of its enforcement actions, advocacy groups and even judges, who say the policy flies in the face of the First Amendment.

Spotify on Friday announced a new multiyear deal to distribute "The Joe Rogan Experience" podcast exclusively, while still allowing the show to be available on other platforms, including Apple, Amazon and YouTube.

Why it matters: The deal represents a shift in Spotify's podcast strategy toward owning the distribution and monetization rights to the show across its platform and others.

Sure, Super Bowl LVIII is a big game for San Francisco and Kansas City, but it's also huge for hilarious and heartwarming commercials.

By the numbers: 30-second ads for the big game are going for $7 million, according to AdAge.

What we're watching: A zany ad featuring Sir Patrick Stewart and Peppa Pig, debuts for Lionel Messi and Kris Jenner, and a viral moment recreation from David and Victoria Beckham.

S&P Global has promoted Christina Twomey to global head of communications, Axios has learned.

Why it matters: In this role, she will oversee communications for all of S&P's global businesses divisions.

• Details: Twomey reports to chief purpose officer Dimitra Manis and manages a team of more than 50 communicators who oversee reputation management, media relations, risk mitigation and internal communication.

What she's saying: "Today's communications landscape is more dynamic than ever," says Twomey.

• "My role now is focused on ensuring a cohesive, omnichannel communications strategy that amplifies the impact of our strategic vision and investment areas."

What she's watching: Growing stakeholder demands, the increase of misinformation and disinformation, and the adoption of generative AI.

• News Corp tapped Disney alum Arthur Bochner as chief communications officer and executive vice president.
• Starbucks promoted AJ Jones to chief corporate affairs officer and named Lyft and Microsoft alum Dominic Carr as chief communications officer.
• Amazon Studios alum Chelsey Summey joins Warner Bros. Motion Picture Group as senior vice president, communications.
• Salesforce alum Brad Burns joins Snowflake as chief communications officer.
• Carolyn Guss has been appointed interim chief communications officer at Salesforce.
• Beth Leonard has been named chief corporate affairs officer of Walgreens Boots Alliance.

• Edelman promoted Kirsty Graham to U.S. CEO.
• The Weber Shandwick Collective named Laura Schoen as chief health care officer; Pam Jenkins as chief public health officer; Jamie Dowd as president for health, Americas; Rachael Pay as president for health, EMEA; Nicole Arens as D.C. health care team lead; and Jamie Murphy Dawson as senior vice president.
• Believeco:Partners has named Boston Consulting Group alum Mario Simon as CEO.
• Nikki Festa O'Brien has been named CEO of Greenough Communications.
• Ben Beckley joins RevHealth as CEO.
• Danny Robinson has been appointed CEO of The Martin Agency.
• Mike Rosich has been appointed global president of DNA Communications.

Biden Administration:

• Niambé Tomlinson is press secretary at HUD, and Allie Peck is a press assistant at the Department of Energy.

Nonprofit:

• Ann Andrews Morris is chief communications and marketing officer at the National Alliance on Mental Illness.
• Nick Ragone joined Jefferson Health as executive vice president and chief marketing officer.
• Aleis Stokes is chief external relations officer at Municipal Securities Rulemaking Board.
• Kyle Veazey has been promoted to chief of staff and communications at St. Jude Children's Research Hospital — ALSAC.
• Mariam Wahba is associate director, communications, for the Foundation for Defense of Democracies.

• AP: Amelia Thomson-DeVeaux is an editor for surveys and polling.
• Axios: Andrew Childers is senior news editor; Claire Reilly is a social host for Axios Local — San Francisco; and Gregory Castillo is a social host for Axios Local — Texas.
• Bloomberg: Brad Stone is editor of Businessweek, and Tom Giles is senior executive editor for global technology news.
• The Boston Globe: Erin Douglas is a climate reporter.
• Business Insider: Julia Naftulin is an editor for special projects.
• Chicago Tribune: Olivia Olander will cover state government.
• CBS News: CIA alum Andrew Boyd is a contributor.
• CNBC: Christina Passariello is San Francisco bureau chief.

Local newsletter company 6AM City has raised more than $10 million in series A funding round led by local broadcaster Tegna, Axios has learned.

Why it matters: Amid a grim publishing landscape, few dollars are being invested in local media startups outside of philanthropy.

Divorce has become a major life milestone replete with specialized parties, large support networks and a whole industry ready to capitalize on the big change — just like weddings.

Why it matters: Cultural attitudes toward ending a marriage have become far less negative, and in the process divorce has gotten more commodified, from services marking the transition to digital culture that lightens the mood.

The U.S. economy added 353,000 jobs in January, while the unemployment rate held at 3.7%, the Labor Department said Friday.

Why it matters: The first look at the 2024 labor market shows it's on fire — not slowing down as previously thought.

If January is any indication, the U.S. debt market wants to put the angst of the rising rate era behind it.

What's happening: The corporate bond and loan markets — where large companies borrow money — just saw one of their busiest months in recent memory.

The stories about layoffs in media and tech are starting to make people freak out a bit over the health of the economy. But taking a step back, the high-level economic data isn't so worrying.

The big picture: The job market is cooling, but it's still pretty strong.

Welcome to the era of "loud budgeting," where speaking up about saving money and not overspending is no longer taboo.

Why it matters: The new personal finance trend — born on TikTok — is a quick reversal from last year's social media fad of flaunting luxurious purchases.

Stewart Butterfield, co-founder of Slack, told me the most searing lesson he learned starting a unicorn business is the seeping insidiousness of growing staff so fast that it creates mounds of make-believe, make-work, Jim VandeHei writes.

• He calls it "hyper-realistic, work-like activities."

Why it matters: Most leaders and managers always want more — more staff, more budget. But more staff and budget beget more work. This can quickly create work just to fill time — and not fulfill critical work needs.

The Messenger was sued in a class action lawsuit by former employees Thursday, a day after the company shuttered, leaving roughly 300 people without jobs, or severance pay, according to the suit.

Why it matters: The lawsuit adds to the drama surrounding the sudden closure of the news site — which burned $50 million in cash in a few months after launching, leading to its demise.