Photo: Bruce Bennett/Getty Images

DraftKings is in talks to go public via a reverse merger with a blank-check acquisition company called Diamond Eagle, as first reported by Bloomberg and confirmed by Axios.

The state of play: If this sounds familiar, it's because Diamond Eagle's management had a prior blank-check company called Platinum Eagle that kicked tires on FanDuel (which was later acquired by Paddy Power Betfair).

  • DraftKings and FanDuel had once agreed to merge, but were blocked by federal antitrust regulators.
  • Diamond Eagle, led by veteran media executive Jeff Sagansky and aided by former MGM CEO Harry Sloan, raised $350 million in its IPO earlier this year. DraftKings hit a peak valuation of around $2 billion in 2015, but later pulled back.
  • Diamond Eagle is currently the clubhouse leader for DraftKings, but word is that there also have been discussions with other strategic and private equity suitors. Not yet hearing anything on price. Expect resolution of some sort by year-end.

Go deeper: DraftKings CEO Jason Robins on Axios' Pro Rata Podcast

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Updated 6 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

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Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."

Updated 14 mins ago - Politics & Policy

Commission on Presidential Debates wants changes

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates announced Wednesday that it plans to implement changes to rules for the remaining debates, after Tuesday night's head-to-head between Joe Biden and Donald Trump was practically incoherent for most of the night.

What they are saying: "Last night's debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues," the CPD said in a statement.

Trump says he doesn't know who Proud Boys are after telling them to "stand by"

President Trump told reporters on Wednesday that he doesn't know who the "Proud Boys" are, after saying at the presidential debate last night that the far-right group should "stand back and stand by" in response to a question asking him to condemn white supremacists.

Why it matters: The comments set off outrage and calls for clarification from a number of Republican senators. After being asked several times on Wednesday whether he will condemn white supremacy, Trump responded: "I have always denounced any form — any form of any of that, you have to denounce. But I also — Joe Biden has to say something about antifa."