Illustration: Sarah Grillo/Axios

Cerberus Capital Management on Friday became the latest private equity firm to form a SPAC, a sort of blank-check company that goes public and then acquires a private company.

Why it matters: Cerberus first dipped its toe into SPACs well before the current boom, forming Iron Horse Acquisition in early 2018, but later decreased that SPAC's size and ultimately withdrew its IPO registration.

Details: Cerberus Telecom Acquisition Corp. will seek to raise $460 million and then purchase an "information and communications technology" company.

Go deeper: SPACs have become the new private equity

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Dan Primack, author of Pro Rata
Oct 12, 2020 - Economy & Business

Inside the deal to take the Boston Red Sox public

Illustration: Eniola Odetunde/Axios

Major League Baseball clubs try not to tip their financials, thus giving them better leverage when negotiating new players contracts or new stadium deals. But that might be about to change.

Driving the news: Fenway Sports Group, whose assets include The Boston Red Sox and Liverpool F.C., is in advanced talks to sell a minority stake to Redball Acquisition, a blank check company formed earlier this year by Moneyball maven Billy Beane and private equity investor Gerry Cardinale.

The cliffhanger could be ... Georgia

Illustration: Sarah Grillo/Axios

It hasn't backed a Democrat for president since 1992, but Georgia's changing demographics may prove pivotal this year — not only to Trump v. Biden, but also to whether Democrats take control of the Senate.

Why it matters: If the fate of the Senate did hinge on Georgia, it might be January before we know the outcome. Meanwhile, voters' understanding of this power in the final days of the election could juice turnout enough to impact presidential results.

Amy Harder, author of Generate
6 hours ago - Energy & Environment

Climate change goes mainstream in presidential debate

Photo illustration: Aïda Amer/Axios. Photo: Olivier Douliery-Pool/Getty

The most notable part of Thursday’s presidential debate on climate change was the fact it was included as a topic and assumed as a fact.

The big picture: This is the first time in U.S. presidential history that climate change was a featured issue at a debate. It signals how the problem has become part of the fabric of our society. More extreme weather, like the wildfires ravaging Colorado, is pushing the topic to the front-burner.