Disney CEO Bob Iger finally announced details for the long-awaited Disney streaming bundle that executives have been teasing for months. The bundle is meant to be an alternative to Hollywood rival Netflix.
Details: For $12.99 monthly, consumers can access Disney+, ESPN+ and the ad-supported version of Hulu. The deal will be available when Disney+ launches on Nov. 12. The combined package will be cheaper than Netflix's premium package, which is $13.99 a month.
A new study from Voices, a student program run by the Asian American Journalists Association, finds that 2 out of 3 summer interns from 7 top newsrooms came from among the most selective colleges in America.
By the numbers: "65% of summer interns from a group of publications including The New York Times, the Washington Post, the Wall Street Journal, NPR and Los Angeles Times, came from among very selective universities in the nation," the group writes in a blog post.
2020 candidates are pouring more into ads targeting Rust Belt states than some of the other early primary states, according to Facebook data pulled from Bully Pulpit Interactive.
Be smart: The data also shows most campaigns have a 50-state targeting strategy online. This is likely a reflection of candidates' push to develop broad-based support in order to hit the requirements necessary to qualify for the next round of Democratic primary debates in September.
Investors are pricing in a 100% chance the Fed cuts rates at its next meeting in September after Monday's market carnage, joining central banks around the globe that are providing more stimulus to their respective economies.
Why it matters: While the prospect of more interest rate cuts had buoyed the stock market going into last week's Fed meeting, Monday's sell-off showed that investors no longer view that as enough to sustain current price levels.
The exclusive club of companies that have built billion-dollar content distribution businesses has a new member: SmartNews, the Japanese news discovery app that has amassed 20 million subscribers in the U.S., and raised $28 million in its latest funding round.
The big picture: It's a small club, mainly because the media industry is in turmoil as Facebook and Google siphon ad dollars. Companies have struggled to maintain their highest valuations amid issues like missed revenue goals, layoffs and management changes.
As the TV news market rapidly transforms, traditional networks are revamping their offerings, with new channels, features and distribution deals designed for digital consumption.
Driving the news: Altice has launched News 12+, a local equivalent of a headline news channel. The product is basically meant for out-of-home television viewing at bars, restaurants and shops in the New York metropolitan area where the News 12 franchises operate.
Stocks continued their sell-off overnight as fears of further escalation in the U.S.-China trade war were realized after markets closed on Monday.
The big picture: Investors are beginning to fear that not only will the trade war dent business confidence and economic growth, but with further escalation and no end in sight, it could do massive damage to the entire global economy.
Luxury retailer Barneys New York filed for bankruptcy Tuesday and plans to close most of its 22 stores, securing a $75 million loan plan to keep it afloat until it can find a buyer, the Wall Street Journal reports.
Why it matters: The chain had difficulty adapting to the e-commerce shift, which has seen a host of competitors without brick-and-mortar locations gain prominence, and said it had faced increasingly high rent at many of its locations, though it plans to keep its flagship store in Manhattan open for now.
U.S. Treasury Secretary Steven Mnuchin on Monday night declared China to be a currency manipulator, just hours after the Chinese government allowed the yuan to slip below a 7-to-1 dollar ratio for the first time in over a decade.
Why it matters: This is a further ratcheting up of trade tensions between the two countries, and also marks the first time any U.S. president has used the currency manipulator label since 1994.
Cesar Sayoc, 57, was sentenced Monday to 20 years in prison for sending explosives to prominent Democrats and critics of President Trump, according to the Washington Post.
Catch up quick: Sayoc, who pled guilty to the crime, sent 16 pipe bombs to people that included Hillary Clinton, Barack Obama, George Soros and others, just days before the 2018 midterm elections. He had been working as a pizza delivery man and strip club staffer a the time, telling U.S. District Judge Jed Rakoff: "Now that I am a sober man, I know that I was a sick man."
Wall Street had its worst day of the year on Monday, with the Dow Jones Industrial Average sinking 766 points, the S&P 500 down 2.98%, and the Nasdaq Composite down 3.47%.
Data: FactSet; Chart: Axios Visuals
What's happening: Equity declines in the U.S., as well as the plunge in Treasury yields, reflect fears that President Trump's trade war with China is escalating.
GateHouse Media and Gannett, the 2 largest newspaper chains in the U.S., officially announced a merger on Monday.
Why it matters: The combination of the two publishing powerhouses means that a single company would own 1 in every 6 newspapers in the United States, as Axios reported last month.
The Chinese yuan was allowed to weaken past 7-to-1 against the dollar for the first time ever in offshore markets and the first time in more than 10 years in its onshore market.
What it means: The move is seen as a response to President Trump's threat on Thursday to add 10% tariffs to $300 billion of Chinese imports. Wall Street extended its multi-day sell-off after the news: the Dow is down more than 500 points, while the S&P 500 and the Nasdaq are off as much as 2% early on Monday. Meantime, the yield on the U.S. 10-year note fell to multi-year lows.
SmartNews, the Japanese news discovery app that has amassed 20 million global monthly active users, has raised $28 million in its latest funding round, bringing the company's valuation to $1.1 billion, executives tell Axios.
Why it matters: It's notable that in today's bleak news market where U.S. tech giants like Google and Facebook dominate most news referral traffic online, a Japanese-based firm has been able to gain traction. SmartNews is one of the few news-related startups to achieve "unicorn" status, or a valuation of over $1 billion, in years.
American incomes have barely changed over the past 20 years on an inflation-adjusted basis, and that's due in large part to the exploding costs of health coverage.
The big picture: More people are plunging deeper into debt as the costs of housing, college and consumer goods greatly outgrow their paychecks. And those paychecks have been stagnant because employers are shoveling more money toward workers' health insurance.
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