Dec 5, 2017

Disney, Fox close to merger deal

AP Photo/Richard Drew

Walt Disney Co. and 21st Century Fox could be nearing a $60 billion merger deal that could come as soon next week, sources tell CNBC. CNBC previously reported that Disney approached Fox about a deal to buy its entertainment assets, which would include its movie studio, and entertainment channels like FX and National Geographic. Comcast and Verizon have also reportedly indicated interest in buying Disney's entertainment assets.

Why it matters: The deal comes at a time of rapid consolidation in the media industry, as traditional media companies try to scale to compete with tech-based media companies, like Netflix. A merger would likely face regulatory hurdles, given that the Justice Department's antitrust division sued AT&T two weeks ago to block a merger with Time Warner.

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Live updates: Coronavirus spreads to Latin America

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Brazil confirmed the first novel coronavirus case in Latin America Wednesday — a 61-year-old that tested positive after returning from a visit to northern Italy, the epicenter of Europe's outbreak.

The big picture: COVID-19 has killed more than 2,700 people and infected over 81,000 others. By Wednesday morning, South Korea had the most cases outside China, with 1,261 infections. Europe's biggest outbreak is in Italy, where 374 cases have been confirmed.

Go deeperArrowUpdated 1 hour ago - Health

GOP congressman accuses California pension official of working for China

Illustration: Rebecca Zisser/Axios

The latest season of Red Scare has come to Sacramento.

Driving the news: Rep. Jim Banks (R-Ind.) has repeatedly accused Ben Meng, chief investment officer of the California Public Employees' Retirement System (CalPERS), of tacitly working on behalf of the Chinese government. Banks also says that, were it up to him, Meng would be fired — and has questioned the patriotism of California Gov. Gavin Newsom for not at least investigating Meng.

Go deeperArrow2 hours ago - World

South Carolina "kingmaker" Jim Clyburn endorses Joe Biden

Joe Biden with Rep. Jim Clyburn at the World Famous Jim Clyburn Fish Fry in Columbia, South Carolina in June 2019. Photo: Logan Cyrus/AFP via Getty Images

House Majority Whip Jim Clyburn (D-S.C.), the highest-ranking black member of Congress, endorsed former Vice President Joe Biden Wednesday, days before South Carolina's primary.

Why it matters: Clyburn wields tremendous political influence in South Carolina, where a weak showing by Biden could be the death blow to his presidential campaign. Biden has long viewed the state as his firewall due to his strong support among black voters, who make up about 60% of South Carolina's Democratic electorate.