AP Photo/Manuel Balce Ceneta

On the heels of its recently-announced merger with Scripps Interactive Networks, Discovery Communications said Tuesday that it will form a new joint venture with The Enthusiast Network (TEN), an LA-based media company that owns over a dozen automotive-based outlets, like Automotive magazine and Truck Trend Network.

What it entails: The partnership will combine Discovery's Velocity channel, and TEN's entire automotive digital, social, video subscription and live event portfolio. The company will be called TEN: A Discovery Communications Company, and Discovery will have a majority controlling interest.

Why it matters: It's an opportunity for Discovery to further tap into the lucrative auto advertising market and the loyal audience of 150 million auto fans that can also be marketed to in other verticals, like consumer packaged goods or sports. A stake in TEN's subscription video on demand (SVOD) service Motor Trends OnDemand, also marks Discovery's first direct-to-consumer push in the U.S.

A win for auto and luxury advertisers: The new venture aims to become the largest media destination for auto enthusiasts in the U.S., which will give advertisers a vehicle for reaching affluent audiences across a multitude of platforms. Although TEN's print publications won't be included in the deal, advertisers can run ads across those outlets in a coordinated fashion for a 360-degree messaging opportunity.

Go deeper

Biden says he will appoint commission on Supreme Court reform

Photo: Chip Somodevilla/Getty Images

Joe Biden told CBS' "60 Minutes" this week that if elected, he would put together a bipartisan commission to study the federal court system and make recommendations for reform.

Why it matters: Biden has come under pressure to clarify his position on court packing after some Democrats suggested expanding the court if Senate Republicans confirm President Trump's Supreme Court nominee Amy Coney Barrett.

Dion Rabouin, author of Markets
17 mins ago - Economy & Business

Wall Street still prefers bonds

Illustration: Aïda Amer/Axios. Photo: Sunset Boulevard/Getty Contributor

Investors' return on U.S. corporate bonds has been falling since its August peak, but buying has only accelerated, especially in investment grade bonds that are offering historically low yields.

The state of play: Since hitting its 2020 high on Aug. 4, the benchmark Bloomberg Barclays U.S. bond aggregate has delivered a -2.2% return. (For comparison, the S&P 500 has gained 3.9% during the same time period.)

2 hours ago - World

U.S.-Israeli delegation secretly visits Sudan

Photo: Artur Widak/NurPhoto via Getty Images

A joint U.S.-Israeli delegation traveled secretly on Wednesday to Sudan for talks on a possible announcement on "ending the state of belligerence" between the countries that could be released in the next few days, sources briefed on the trip told me.

The big picture: President Trump announced earlier this week he is ready to remove Sudan from the U.S. state sponsors of terrorism list once Sudan pays $335 million in compensation to American terror victims.