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Snap Inc. and Time Warner announced a two-year content and advertising partnership Monday, reportedly valued around $100 million. Per the agreement, Time Warner will commit to developing and promoting made-for-Snap shows from brands across its portfolio (HBO, CNN, TBS, etc) and will invest in advertising from HBO, Turner and Warner Bros. on Snapchat over the next two years.

Why it matters: The announcement comes at a crucial time for Snap Inc., whose stock had fizzled down to its $17 IPO price after months of Facebook and Facebook-owned Instagram installing copycat features on their platforms. The company has been at the forefront of launching exclusive original partnerships for its mobile platform, but the heavy content and advertising investment from a major cable company takes their Discover platform business to the next level, which will likely invigorate investor confidence in the brand.

Snapchat's gains in the content biz: To give you a sense of how quickly Snap's original content business is growing, the company says there is currently about one show airing each day on the platform and by the end of this year, Snap expects to have three shows airing per day.

What's in it for Time Warner? Access to Snap's loyal, younger audience that consumes shows differently on its platform than on TV. Nielsen data commissioned by Snapchat shows that Snapchat provided a 16% increase in average monthly reach in content partners' TV audience, compared to a 5% decrease for the six months prior to the partnership. Time Warner says Snapchat's platform "will help drive larger audiences to our shows."

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 12,859,834 — Total deaths: 567,123 — Total recoveries — 7,062,085Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,297,501— Total deaths: 135,155 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — NYC reports zero coronavirus deaths for first time since pandemic hit.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

Scoop: How the White House is trying to trap leakers

Illustration: Sarah Grillo/Axios

President Trump's chief of staff, Mark Meadows, has told several White House staffers he's fed specific nuggets of information to suspected leakers to see if they pass them on to reporters — a trap that would confirm his suspicions. "Meadows told me he was doing that," said one former White House official. "I don't know if it ever worked."

Why it matters: This hunt for leakers has put some White House staffers on edge, with multiple officials telling Axios that Meadows has been unusually vocal about his tactics. So far, he's caught only one person, for a minor leak.

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.