Modelo and Pacifico beer are a part of Constellation Brands. Photo: Justin Sullivan/Getty Images

Constellation Brands revised what had been a $1.7 billion deal to sell a portfolio of low-priced wine and spirits brands to E. & J. Gallo Winery, in order to satisfy Federal Trade Commission concerns.

The state of play: The deal value is now around $600 million lower, with Constellation retaining some of the brands, including Cook's California Champagne and J. Roget American Champagne.

Why it matters: Had the original deal gone through, estimates are that Gallo would have controlled up to 80% of America's discount sparkling wine market and almost its entire wine concentrate market.

  • More: In a separate transaction, Constellation will sell New Zealand-based Nobilo Wine brand and related assets to Gallo for $130 million.
  • The bottom line: "The proposed smaller sale would still rank as a tremendous moment within the U.S. wine sector, as Gallo would grow even bigger as the top U.S. producer and No. 3 Constellation would shrink to focus on its more profitable premium wine market. Gallo has 23% of the domestic wine market, while Constellation has 11%." — Bill Swindell, The Press-Democrat

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Biden releases 2019 tax returns ahead of debate

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Joe Biden's campaign released his 2019 tax returns on Tuesday, showing that he and his wife, Jill, paid nearly $300,000 in federal taxes last year.

Why it matters: The release, timed just hours before the first presidential debate, comes days after a bombshell New York Times report said that President Trump paid only $750 in federal taxes in 2016 and 2017. Biden's team is hoping to make the tax contrast a sticking point during their showdown.

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Illustration: Sarah Grillo/Axios

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NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.