May 23, 2019

NASCAR to buy International Speedway for $2 billion

Dan Primack, author of Pro Rata

The NASCAR Sprint Cup Series Kobalt 400 at Las Vegas Motor Speedway. Photo: Jeff Speer/Icon Sportswire/Corbis via Getty Images

NASCAR Holdings agreed to buy racetrack owner and operator International Speedway Corp. for around $2 billion in cash, or $45 per share.

Why it matters: This deal could be the impetus for streamlining at the auto racing giant, which publicly acknowledged that its 38-race schedule is bloated. NASCAR now could reduce its overall number of races, but pour more resources into events at major tracks it would now control, including those in Daytona and Talladega.

  • The bottom line: This deal has been bedeviled by allegations of self-dealing, as the France family effectively controls both companies. But an institutional ISCA shareholder that filed a class-action lawsuit back in December now says it won't challenge the new deal price.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,703,686 — Total deaths: 393,393 — Total recoveries — 2,906,748Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,885,197 — Total deaths: 108,708 — Total recoveries: 485,002 — Total tested: 18,680,529Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. States: Cities are retooling public transit to lure riders back.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.