Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. 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 the Axios Closer newsletter 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!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

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 the Axios Sports newsletter. 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 the Axios Des Moines newsletter.

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 the Axios Tampa Bay newsletter.

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!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

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: Axios Visuals

Facebook's announced Monday that it would begin prioritizing local news content in the News Feed. The news follows Google's confirmation last week that it's testing a hyper-local news app called Bulletin. Chief executives from local publishing groups have responded well to both efforts in statements to Axios.

Why it matters: Local and national news outlets have for months been split on the way they view their publishing relationships with Google and Facebook.

  • National news outlets have generally been more critical of Facebook's efforts to fairly compensate publishers, provide them with data and elevate their brands.
  • Local news outlets share these concerns, but see Facebook and Google as important technology partners that help them compete with national outlets for eyeballs and subscriptions.

Recent changes and product updates on both platforms have highlighted how different publishers view their relationship with Google and Facebook depending on their resources, reputations and sizes.

  • "This feels like the missing piece — or one missing piece that's crucial, anyway — in Facebook's previous algorithm announcements that caused so much anxiety among local publishers," Matt DeRienzo, executive director of Local Independent Online News Publishers, says of Facebook's latest news.
  • "I think the decision shows that Zuckerberg and Facebook are serious about following through on their commitment to support meaningful interactions that build community," says Patch CEO Warren St. John.
  • "I see it (the Google local news app) potentially as a very good thing," says Rusty Coats, CEO of the Local Media Consortium, which represents dozens of local papers and media companies, like The Seattle Times, The McClatchy Company and Cox Media Group. "It can actually be helpful data."

National news outlets, on the other hand, continue to have a more contentious relationship with the platforms. When it comes to Facebook specifically, three of the biggest industry heavyweights seem bearish on the platform's ability to make nice with mainstream publishers.

  • NBC News Chairman Andy Lack Monday at NYU: "It's not so good to be in business (say) with Facebook. They're a fake book. They are not Facebook ... They don't value having a relationship with news organizations."
  • HBO CEO Richard Plepler Monday at NYU: "Never sell them short. I listened to Andy (Lack) carefully I think h'es 100% right on the news side ... What I hope is happening there ... There's an awful lot of smart people in there — The question is: Are they smart and wise? Those things are not always the same."
  • News Corp CEO Rupert Murdoch last week in a statement: "Facebook and Google have popularized scurrilous news sources through algorithms that are profitable for these platforms but inherently unreliable. Recognition of a problem is one step on the pathway to cure, but the remedial measures that both companies have so far proposed are inadequate, commercially, socially and journalistically."

Go deeper

25 mins ago - Health

CDC: Pfizer and Moderna boosters overwhelmingly prevent Omicron hospitalizations

Brian Cassella/Chicago Tribune/Tribune News Service via Getty Images

Booster doses of the Pfizer-BioNTech and Moderna vaccines overwhelmingly prevented hospitalizations from the Omicron variant, according to Center for Disease Control and Prevention data out Friday.

Driving the news: Pfizer and Moderna boosters were 90% effective at preventing Americans infected with the Omicron variant from ending up in the hospital, per the data.

Janet Yellen co-opts Reaganomics phrase for new Davos speech

Treasury Secretary Janet Yellen at a speech this week. Photo: Alex Wong/Getty Images

The U.S. needs to focus on increasing its productive potential, Treasury Secretary Janet Yellen will tell world leaders Friday, calling for what she terms "modern supply side economics."

Why it matters: She is co-opting a phrase traditionally used by political conservatives to describe low-tax and deregulatory policies — and framing the Biden administration's initiatives as the best path forward to achieve greater national prosperity.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Calling the startup valuation peak

Illustration: Annelise Capossela/Axios

Anyone who's called a private market peak over the last decade, or even suggested that air was leaking out of the balloon, has been swiftly humbled. "Nothing matters" has consistently proven to be the only thing that matters.

Our thought bubble: The go-go era is history, even if the economy and new company formations remain strong.