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

7 mins ago - Technology

Facebook Oversight Board begins hearing appeals

Illustration: Aïda Amer/Axios

The Facebook Oversight Board announced Thursday that some Facebook and Instagram users can now submit appeals to the Oversight Board for an independent review of their own content removals.

Why it matters: The board, a first-of-its-kind internet governance body, will begin hearing cases from users ahead of the U.S. election.

Ben Geman, author of Generate
2 hours ago - Energy & Environment

U.S. cities' lagging climate progress

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Reproduced from a Brookings Institution report; Chart: Axios Visuals

A just-published Brookings Institution analysis of U.S. cities' pledges to cut carbon emissions reveals very mixed results.

Why it matters: The potential — and limits — of city and state initiatives have gotten more attention amid President Trump's scuttling of Obama-era national policies.

New state unemployment filings fall to 787,000

Photo: Joe Raedle/Getty Images

First-time applications for unemployment fell last week, according to Department of Labor data released on Thursday.

Between the lines: The overall number of Americans relying on unemployment also fell to a still-staggering 23 million. But there are continued signs of labor market strain, with more people shifting to an unemployment program designed for the long-term jobless.

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