Photo: Shana Novak/Getty Images

Edgewell (NYSE: EPC), maker of Schick razors, agreed to buy shaving products company Harry's for $1.3 billion in cash and stock (79%/21% split).

Why it matters: Because it's a big pay-off for two moves considered high-risk at the time. First, Harry's at less than one year old taking out bank loans to pay $100 million for a German razor-making factory, rather than just outsourcing manufacturing (as Dollar Shave Club does). Second, jumping into the broader trend of direct-to-consumer startups expanding into multi-channel retail. A source close to the deal says that Harry's now trails just Gillette for in-store Walmart and Target men's shaving sales.

  • ROI: Harry's had raised $460 million in VC funding, most recently at a post-money valuation of between $800 million and $900 million. Backers include Thrive Capital, Tiger Global Management, Highland Capital Partners, BoxGroup, Alliance Consumer Growth, SV Angel, Red Swan Ventures, Temasek and Wellington Management.

The bottom line: This is more of a merger than an acquisition, with Harry's co-founders Andy Katz-Mayfield and Jeff Raider to run Edgewell's U.S. business, including a skin-care unit that included Hawaiian Tropic.

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Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 11,288,094 — Total deaths: 531,244 — Total recoveries — 6,075,489Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 2,839,917 — Total deaths: 129,676 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadlineKimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.

Protester dies after car drives through closed highway in Seattle

Protesters gather on Interstate 5 on June 23, 2020 in Seattle, Washington. Photo: David Ryder/Getty Images

One person is dead and another is in serious condition after a car drove onto a closed freeway in Seattle early Saturday and into protesters against police brutality, AP reports.

  • "Summer Taylor, 24, of Seattle died in the evening at Harborview Medical Center, spokesperson Susan Gregg said."

Where it stands: The suspect, Dawit Kelete of Seattle, fled the scene after hitting the protesters, and was later put in custody after another protester chased him for about a mile. He was charged with two counts of vehicular assault. Officials told the AP they did not know whether it was a targeted attack, but the driver was not impaired.

Trump's failing culture wars

Data: Google; Chart: Naema Ahmed/Axios

President Trump built his political brand by stoking the nation's culture wars, but search data is showing us how much harder it's been for him to replicate that success while running against another white man in his 70s — and while there's a coronavirus pandemic.

The big picture: Google Trends data shows Trump's "Sleepy Joe" name-calling isn't generating nearly the buzz "Crooked Hillary" (or "Little Marco") did in 2016. Base voters who relished doubting President Obama's birth certificate aren't questioning Biden's.