Oct 1, 2019

Scoop: WeWork looking to sell even more of its acquisitions

Illustration: Sarah Grillo/Axios

WeWork plans to spin off or sell 2 more of its recent acquisitions — SpaceIQ and Teem — in addition to others that have been reported, according to a source familiar with the matter.

Why it matters: After replacing its CEO and shelving its IPO, the company is looking to boost its balance sheet and focus on its core co-working business.

As was reported by The Information last week, the company is looking to spin off Managed by Q, Meetup and Conductor, and it has already received interest, the source said.

As for SpaceIQ and Teem, both are tech companies that help businesses manage their space.

  • Teem, which WeWork acquired a year ago, has a variety of software for businesses, including managing conference-room bookings and handling visitors arriving at the lobby.
  • SpaceIQ, acquired in July, allows a company's real estate department to handle tasks such as managing floor plans and desk assignments.

The big picture: Divesting recent purchases isn't the only change being made by new management. The company has also fired a number of executives with close ties to former CEO Adam Neumann, and layoffs are reportedly in the offing.

Go deeper: We(re)Work: One week, many changes

Go deeper

The EU makes its move on a green coronavirus recovery

Illustration: Sarah Grillo/Axios

The European Commission this morning proposed a $825 billion package of economic responses to the coronavirus pandemic that includes financing for renewable energy, electric vehicle charging and other emissions-friendly projects.

Why it matters: The energy components of the "Next Generation EU" plan, part of a wider multi-year budget proposal, appear to be the most substantial attempt yet to stitch low-carbon investments into economic recovery plans.

Zipline drones deliver masks to hospitals; vaccines could be next

Zipline's drone drops medical supplies via parachute. Image courtesy of Zipline.

Zipline, a California drone company, has made its U.S. debut by delivering medical supplies to hospitals in North Carolina under a pilot program honed in Africa.

Why it matters: The effort, made possible by a waiver from the Federal Aviation Administration to Novant Health, is the nation's longest-range drone delivery operation and could demonstrate how drones could be used in future pandemics, Zipline officials said.

NHL unveils 24-team playoff plan to return from coronavirus hiatus

Data: NHL; Table: Axios Visuals

The NHL unveiled its return-to-play plan on Tuesday, formally announcing that 24 of its 31 teams will return for a playoff tournament in two hub cities, if and when medically cleared.

Why it matters: Hockey is the first major North American sports league to sketch out its plans to return from a coronavirus-driven hiatus in such detail, and it's also the first one to officially pull the plug on its regular season, which will trigger ticket refunds.