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AP Photo/Charlie Riedel

Private equity firm Z Capital Partners has acquired the parent company of Daily Racing Form, which has been covering horse-racing for more than 100 years.

History: Private equity firm Arlington Capital Partners bought Daily Racing Form in a secondary buyout for a highly-levered $170-$190 million in 2007. But it never really could pull off the digital transformation so, several years back, it defaulted and control went to the banks. Z Capital first looked four or five years ago during an initial auction process that never got consumated, and got a call when the banks restarted the process several months ago.

Counterintuitive: Z Capital's Since there is nothing we media folks like more than to discuss media, I spent some time on the phone with Z Capital's Jim Zenni says the company pulled off the digital switch under bank control, and that the digital margins are actually higher than were the print margins. That's not how most newspapers have viewed the world, but he argues that DRF is more of a data provider than an ad-driven news provider. Moreover, DRF now has a major online betting component.

Trendlines: "Obviously attendance at tracks have declined, but the amount of online wagering has increased a bit. And the amount of advanced deposit wagering has been growing at between 15% to 20% per year," Zenni says. He adds that the deal shouldn't cause too much heartburn for Z Capital's limited partners, given that his firm already owns casinos.

Go deeper

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U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden, Harris and nearly all the living former presidents and their spouses lay a wreath at Arlington National Cemetery.

Inaugural address: Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 3 hours ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.