Jun 22, 2017

George Clooney sells tequila company for $1 billion

AP Photo/Pete Muller

London-based spirits maker Diageo has agreed to acquire U.S. tequila maker Casamigos for upwards of $1 billion, including a $700 million upfront payment and upwards of $300 million in milestone payments.

Why it matters: This is a reflection of rising global demand for tequila and, in particular, high-end brands. In fact, sales for the "super-premium" category represented by Casamigos have climbed more than 700% since 2002. Plus: Casamigos was co-founded by George Clooney, and we all were hoping that guy could finally get a win.

Bottom line: "Diageo already owns the Don Julio brand. But the company's executives argued that they could take Casamigos to even greater heights by selling it beyond American shores." — Michael de la Merced

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Airline industry braces for a forever-changed world

Illustration: Sarah Grillo/Axios

The airline industry got a $58 billion lifeline in the coronavirus federal aid package. But the path is unclear for these companies, whose operations and prospects will be forever changed by the global pandemic.

Why it matters: People may want to minimize travel for the foreseeable future. Investors, analysts and industry watchers are trying to determine how much airlines will need to spend — and how much more in lost revenue they'll see — while they adapt to the new reality.

Trump denies seeing Navarro memos warning about toll of coronavirus

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Why it matters: Trump insisted that despite not seeing the memos, he did "more or less" what Navarro suggested by banning non-U.S. citizens from traveling from China effective Feb. 2.