Fender Stratocaster guitars at a Fender manufacturing facility in California. Photo: Robyn Beck/AFP via Getty Images

Servco Pacific acquired a majority stake in Fender Musical Instruments by acquiring shares from co-investment partner TPG Growth.

Why it matters: Jimi Hendrix played a Fender at Woodstock. Bob Dylan played one in his first-ever electric performance. David Gilmour played on one The Wall. Kurt Cobain reveled in smashing them on stage.

  • Servco first invested in Fender in 1985, buying it from CBS, before selling to a private equity firm in 2001 and then re-investing alongside TPG Growth in 2012.

The bottom line: Both Fender and rival Gibson have long histories of private equity ownership, but Fender avoided Gibson's bankruptcy pitfall by focusing more on female buyers (who make up around 50% of its first-time sales) and scaling up an online learning platform (Fender believes that new guitar owners spend four times more on lessons than on equipment).

Go deeper: Your brain on music

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Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."

Updated 48 mins ago - Politics & Policy

Commission on Presidential Debates wants changes

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates announced Wednesday that it plans to implement changes to rules for the remaining debates, after Tuesday night's head-to-head between Joe Biden and Donald Trump was practically incoherent for most of the night.

What they are saying: "Last night's debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues," the CPD said in a statement.

Trump says he doesn't know who Proud Boys are after telling them to "stand by"

President Trump told reporters on Wednesday that he doesn't know who the Proud Boys are, after saying at the presidential debate last night that the far-right group should "stand back and stand by" in response to a question asking him to condemn white supremacists.

Why it matters: The comments set off outrage and calls for clarification from a number of Republican senators. After being asked several times on Wednesday whether he will condemn white supremacy, Trump responded, "I have always denounced any form — any form of any of that, you have to denounce. But I also — Joe Biden has to say something about antifa."

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