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Nielsen Holdings is selling its retail measurement arm, Nielsen Global Connect, to private equity giant Advent International for $2.7 billion, in partnership with former TransUnion CEO Jim Peck, the company announced Sunday.

Why it matters: Nielsen was planning to spin off the retail business next year into an independent, public company, after pressure from activist investor Elliot Management. The sale to Advent will replace that effort.

Be smart: Nielsen was under pressure to dump its retail measurement arm to alleviate debt so that it could focus on growing its media measurement business.

  • The retail arm had been negatively impacted by the decline in traditional retail and increased competition.
  • Nielsen's media arm, which measures media and advertising consumption, remains as its own independent, publicly-traded business. It will continue to be led by Nielsen CEO David Kenny.

Details: The sale will allow Advent to developing the retail measurement service independently of Nielsen's media arm, and it will allow Nielsen to offload a significant amount of debt.

  • David Rawlinson will remain CEO of Nielsen Global Connect through the close of the transaction. In a statement, Nielsen said he is "expected to be part of the leadership team for the go-forward company."
  • Advent has invested in different types of data and information services companies for decades. It expects to work with Rawlinson and his management team to continue to develop and innovate the business.
  • The new company will be headquartered in Chicago, IL and will be renamed NielsenIQ early next year.
  • Nielsen will grant the retail business a license to brand its products and services with the “Nielsen” name, as well as other Nielsen trademarks, for 20 years following closing of the transaction.
  • Nielsen’s Board of Directors unanimously approved the transaction.

What they're saying: “This is a win for both Nielsen Global Connect and for Nielsen (RemainCo), as well as for our shareholders,” said David Kenny, Chief Executive Officer, Nielsen.

  • “The sale of this business to Advent will deliver substantial value sooner than was anticipated through the planned spin-off and creates certainty for all stakeholders."

Go deeper: Nielsen to separate business into two public companies

Go deeper

Netflix's staying power

Reproduced from ANTENNA; Chart: Axios Visuals

Netflix has managed to keep its dominant position as one of the least-canceled subscription services in America, according to data from ANTENNA, which tracks purchase behavior and key metrics across subscription media services. The one exception was in September, when it faced brief backlash around a French film called "Cuties."

Driving the news: Data shows that other streamers, like Disney+ and HBO Max, are able to drive sign-ups and buzz with new hits, but the question is whether they can retain users long-term.

Senate Republicans shrug off debt default deadline

Treasury Secretary Janet Yellen testifies before House members Wednesday. Photo: Al Drago/Bloomberg via Getty Images

Senate Republicans are feeling far more relaxed about the impending Dec. 15 federal debt-default deadline this time around, with many suggesting the real drop-dead date isn't until January.

Why it matters: Their attitude toward the deadline set by Treasury Secretary Janet Yellen is distinctively different from the hair-on-fire rhetoric before the initial Oct. 18 date. But a Congress discounting the advice of a Treasury secretary is risky financial practice — and has the potential to affect markets itself.

13 mins ago - Politics & Policy

GOP fights itself on shutting down government over vaccine mandates

Reporters question Senate Minority Whip John Thune before the Republican Party's weekly lunch on Tuesday. Photo: Kent Nishimura/Los Angeles Times via Getty Images

GOP leaders on Capitol Hill are scrambling to reach a deal with a bloc of 15 Senate Republicans threatening a government shutdown to force a fight over the Biden administration's vaccine mandates.

Why it matters: The push to defund the mandates — by holding the short-term government funding bill hostageis largely symbolic, and highly controversial within the Republican Party. A shutdown as early as midnight Friday could trigger everything from national park closures to delays in receiving Social Security checks.