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Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

Lyft finally confirmed Monday that it’s getting in the bike-sharing business by acquiring Motivate, the company behind Ford GoBike in San Francisco and Citi Bike in New York. Axios' Kia Kokalitcheva has a look at the deal, which sources tell Axios came with a $250 million price tag.

The bottom line: Once again, Uber and Lyft are going head-to-head, this time with bikes (Uber acquired dockless bike-sharing company Jump in April).

  • But unlike with ride-hailing, where Uber has always held a big lead, this market's shape is less settled. There are heavy regulations and caps on bikes, and the vehicles are owned and maintained by the companies.

What Lyft bought: Motivate’s team, assets, and contracts with cities, which means Lyft now owns a large chunk of the bike-share market in the U.S.

  • What it didn’t buy is Motivate’s maintenance and servicing business, which will continue to operate on its own. This part of Motivate’s business employs unionized workers, likely something Lyft didn’t want to oversee.

Bear in mind: Many, if not all, of Motivate’s contracts with cities include clauses that allow the city to terminate the contract under conditions like a change in control — such as Lyft acquiring Motivate. It’s unclear whether Lyft got the cities’ blessings before going forward with the deal.

  • Sponsorships, like Ford in San Francisco and Citibank in New York, are also making this acquisition interesting.
  • Lyft says the sponsorships remain in place, which is not surprising as they bring in about half of Motivate’s revenue, according to a source familiar with the bike-sharing company.
  • But this also means that Lyft won’t have its own brand all over the bike services, which may or may not bother the company.

Go deeper

Cuomo: "No way I resign" after sexual harassment accusations

Cuomo at a Feb. 24 press conference. Photo: Seth Wenig/pool/AFP via Getty Images

New York Gov. Andrew Cuomo (D) was defiant on Sunday, stating again that he would not resign even as more former aides have come forward with allegations of sexual harassment and inappropriate behavior.

The big picture: Cuomo has denied all sexual harassment allegations against him and said that he "never inappropriately touched anybody." He acknowledged in a statement that "some of the things I have said have been misinterpreted as an unwanted flirtation." Some of the calls for Cuomo to resign have come from within the Democratic party.

N.Y. Times faces culture clashes as business booms

Illustration: Sarah Grillo/Axios

New York Times columnist David Brooks' resignation from a paid gig at a think tank on Saturday is the latest in a flurry of scandals that America's biggest and most successful newspaper company has endured in the past year.

Driving the news: Brooks resigned from the Aspen Institute following a BuzzFeed News investigation that uncovered conflicts of interest between his reporting and money he accepted from corporate donors for a project called "Weave" that he worked on at the nonprofit.

America rebalances its post-Trump news diet

Illustration: Annelise Capossela/Axios

Nearly halfway through President Biden's first 100 days, data shows that Americans are learning to wean themselves off of news — and especially politics.

Why it matters: The departure of former President Trump's once-ubiquitous presence in the news cycle has reoriented the country's attention.