Jul 10, 2017

China's Wanda Group gives up Disney fight

AP Photo/Ng Han Guan

China's Dalian Wanda Group has agreed to sell 76 hotels and stakes in 13 tourism projects to Chinese property developer Sunac (HK: 1918) for approximately $9.3 billion.

Why it matters: Wanda has openly said that it wants to crush Disney's theme park business in China, but today's deal means that it's given up that fight. Here was Wanda chairman Wang Jianlin after the early 2016 opening of Disneyland Shanghai: "The frenzy of Donald Duck and Mickey Mouse and the era of blindly following them has passed... At Wanda I always say we want to ensure Disney is not profitable for 10 to 20 years in this business segment in China."

Bottom line: This is mostly about Wanda needing cash to repay debt, both because it wants to relist its main property unit and because China's banking regulator last month asked lenders to review the risk profile of loans made to big acquirers like Wanda.

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Axios

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Illustration: Sarah Grillo/Axios

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Education: Cuomo says all New York schools can reopen for in-person learning.
Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases.
World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

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Warren and Clinton to speak on same night of Democratic convention

(Photos: Abdulhamid Hosbas/Anadolu Agency via Getty Images, Sean Rayford/Getty Images)

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Why it matters: That's the same night Joe Biden's running mate (to be revealed next week) will address the nation. Clinton and Warren represent two of the most influential wise-women of Democratic politics with the potential to turn out millions of establishment and progressive voters in November.

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