Apr 22, 2020 - Economy & Business

Expedia nears deal to sell $1 billion stake to private equity

Dan Primack, author of Pro Rata

Illustration: Aïda Amer/Axios

Apollo Global Management and Silver Lake are in "advanced talks" to invest around $1 billion in travel-booking portal Expedia (Nasdaq: EXPE), per the Wall Street Journal.

Why it matters: Private equity has begun bargain-hunting, and Apollo and Silver Lake have emerged as the most eager coupon-clippers.

  • Details: Expedia closed trading yesterday with a market cap just north of $8 billion, having fallen around 50% this year. The new investors would be expected to receive a board seat.
  • Added intrigue: Silver Lake just invested in Airbnb, which competes with Expedia's HomeAway platform.
  • The bottom line: "Companies of all stripes — but especially in the travel sector — have been drawing down on credit lines and looking for other ways to stockpile cash to withstand potentially months of social-distancing measures. Expedia’s peers, including Sabre and Booking Holdings, have both issued new debt in recent weeks." — Cara Lombardo, WSJ

Go deeper: Travel fears at their highest since 9/11 due to coronavirus

Go deeper

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.