Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Mark Wilson/Staff Getty; Timothy A. Clary/Contributor; Aïda Amer/Axios

The mystery of who's funding Steve Bannon's work has been at least partly solved: Guo Media, a company linked to a controversial Chinese billionaire, has contracted Bannon for at least $1 million for “strategic consulting services,” according to contracts obtained by Axios.

Why it matters: The billionaire fugitive — a man named Guo Wengui, also known as Miles Kwok — is embroiled in the U.S.-China conflict. He’s a vocal critic of the Chinese Communist Party and is reportedly a member at Mar-a-Lago. He’s on China’s most-wanted list for alleged bribery, fraud and money laundering, per the New York Times (he strongly denies the allegations).

  • Guo has been living in New York while he awaits a decision on his U.S. asylum application. And the Chinese government has asked the Trump administration to extradite him.
  • Bannon declined to comment.

The first contract, signed between Bannon and Guo Media, gives Bannon $1 million for one year of consulting services beginning in August 2018.

  • Bannon is specifically contracted to introduce Guo Media to “media personalities,” and advise the company on “industry standards.”
  • Bannon has made China one of his top issues since leaving the White House in the summer of 2017.

The second contract, which was set to begin in August 2019 and is unsigned, offered Bannon $1 million for consulting and set more specific expectations.

  • In addition to the services requested in the first contract, the second would have required Bannon to serve as senior editor for G News — Guo Media’s news arm — and help to elevate G News as a credible source of news on China.

Guo Media is owned by Saraca Media Group, a company incorporated in Delaware, according to the contracts. Per a March 2019 tax filing, the president and director of Saraca was an individual named Han Chunguang.

“[I]t is my understanding that given Mr. Bannon's cross-border financial expertise at Goldman Sachs and Societe Generale, Saraca previously retained him for strategic advisory work regarding media investments, M&A, joint ventures, and cryptocurrencies,” Daniel Podhaskie, a spokesperson for Guo, tells Axios in an email statement.

  • “Mr. Bannon's work in these areas was complete and he is currently not retained. Mr. Guo had no involvement in him being retained or his work for Saraca.”
  • “Mr. Guo has no financial interest in Saraca Media Group or its media platform known as ‘Guo Media.’ Mr. Guo is merely the face of Guo Media and was requested by Saraca to act in this capacity given Mr. Guo’s outspoken criticism of the Chinese Communist Party.”
  • “Mr. Guo agreed to work with Saraca, but insisted that he not be compensated given his prior emphasis that his fight against the CCP is not about money. His entire goal has been to take down the CCP and free his fellow countrymen in China.”
  • As to China's allegations, "the reality is that Mr. Guo is the most wanted person in China because of his outspoken criticism of the Chinese Communist Party; desire to eliminate the CCP’s stranglehold on the Chinese people and bring the rule of law to China," Podhaskie said.

The backstory: Guo and Bannon first met in October 2017, and the two have had numerous meetings since then, the New York Times’ David Barboza reports. Last year, they announced the joint launch of a $100 million “Rule of Law Fund” to investigate the deaths and disappearances of Chinese public figures.

  • Guo told Barboza, “We both naturally despise the Chinese Communist Party. That’s why we’ve become partners.”
  • Bannon also told the Hill he has recorded a radio show out of Guo’s New York apartment.

Although Guo’s spokesperson says the billionaire has no financial stake in Guo Media, Guo has a pervasive presence that dominates the platform.

Read the contracts:

Go deeper

Miriam Kramer, author of Space
13 mins ago - Science

NASA's Mars helicopter is a test for the future of space exploration

Ingenuity (left) with Perseverance on Mars. Photo: NASA/JPL-Caltech/MSSS

NASA is set to fly the first test flight of its tiny Ingenuity helicopter on Mars Sunday, marking the advent of drones for space exploration.

Why it matters: If successful, this flight will be the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

Bryan Walsh, author of Future
1 hour ago - Politics & Policy

The global future is looking dark and stormy

Illustration: Rae Cook/Axios

A new 20-year-forecast for the world: increasingly fragmented and turbulent.

The big picture: A major report put out this week by the National Intelligence Council reflects a present rocked by the COVID-19 pandemic. How the next two decades will unfold depends largely on whether new technologies will ultimately unite us — or continue to divide us.

10 hours ago - Politics & Policy

Rep. Gaetz declares he's "not going anywhere" amid sex trafficking probe

Rep. Matt Gaetz. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

Rep. Matt Gaetz (R-Fla.) doubled down Friday night, saying he's not "going anywhere," and vowing, "I have not yet begun to fight," amid a federal investigation into sex trafficking allegations.

What he's saying: “I’m built for the battle, and I’m not going anywhere,” Gaetz, who denies the allegations, said during a Women for America First event at the Trump National Doral Miami resort.