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Jeff Bezos, CEO and founder of Amazon. Photo: Reed Saxon / AP

Amazon is ditching its plans to create an online streaming skinny bundle because it doesn't think it will be profitable enough, per Reuters. It has been unable to court traditional TV networks to bring their content to its Amazon Channels service.

Why it matters: Amazon has made large investments in video with the hope of increasing user engagement on its platform. It was hoping to dip into the TV streaming model, but the reported lack of confidence in the platform shows that the distribution economics behind the linear TV model are tough to completely reimagine for digital.

Amazon's content play: Experts predict Amazon will spend roughly $4.5 billion on content this year, a significantly larger investment than most of its cable rivals. It has been successful in securing the rights of original entertainment and programming, despite the reported difficulties in winning TV contracts. Just this week, it announced the purchase of global television rights to a multi-series showing of "The Lord of the Rings.”

Go deeper: From advertising to original content, Amazon's eating the media

Go deeper

Felix Salmon, author of Capital
29 mins ago - Economy & Business

The biggest obstacle to a wealth tax

Illustration: Aïda Amer/Axios

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 7 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.