May 23, 2019

NASCAR to buy International Speedway for $2 billion

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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Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,200 people and infected over 75,465 others, mostly in mainland China, where the National Health Commission announced 118 new deaths since Thursday.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.