Illustration: Rebecca Zisser/Axios

eBay on Tuesday said that it will sell a majority stake in its classifieds unit to Norwegian classifieds firm Adevinta.

The big picture: eBay came under pressure in early 2019 from activist investor Elliott Management, which wanted it to spin off both its classifieds and StubHub units from its flagship marketplace platform. StubHub was sold to Viagogo just before the pandemic hit.

Details: The deal values eBay's classifieds unit at $9.2 billion, with eBay to retain a 44% stake in the newly-created company.

  • The business has a higher profile outside of the U.S. than within it, offering online adds in more than 1,000 cities and generating $248 million in Q1 2020 revenue.

Rivals: Adevinta's cash and stock deal beat out an all-cash, $9 billion bid from Dutch conglomerate Prosus. There also was an offer from a private equity consortium that includes The Blackstone Group, Hellman & Friedman, and Permira.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Chris Christie: Wear a mask "or you may regret it — as I did" — Senate Democrats block vote on McConnell's targeted relief bill.
  2. Business: New state unemployment filings fall.
  3. Economy: Why the stimulus delay isn't a crisis (yet).
  4. Health: FDA approves Gilead's remdesivir as a coronavirus treatment How the pandemic might endMany U.S. deaths were avoidable.
  5. Education: Boston and Chicago send students back home for online learning.
  6. World: Spain and France exceed 1 million cases.

Early voting eclipses 2016 total with 12 days until election

People stand in line to vote early in Fairfax, Virginia in September. Photo: Tasos Katopodis/Getty Images

Americans have cast more than 47.1 million ballots in the 2020 presidential election, surpassing the total early-vote count for 2016 with 12 days left until Election Day, according to a Washington Post analysis of voting data.

Why it matters: The election is already underway, as many states have expanded early and mail-in voting options because of the coronavirus pandemic.

What to expect from the final debate of the 2020 election

Trump and Biden at the first debate. Morry Gash-Pool/Getty Image

Watch for President Trump to address Joe Biden as “the big guy” or “the chairman” at tonight's debate as a way of dramatizing the Hunter Biden emails. Hunter's former business partner Tony Bobulinski is expected to be a Trump debate guest.

The big picture: Trump's advisers universally view the first debate as a catastrophe — evidenced by a sharp plunge in Trump’s public and (more convincingly for them) private polling immediately following the debate.