Mar 16, 2018

The Saudis are finalizing plans to buy a stake in Hollywood

Shannon Vavra

Saudi Crown Prince Mohammad bin Salman arriving at 10 Downing Street. Photo: Dan Kitwood / Getty Images

Saudi Arabia’s Crown Prince Mohammed bin Salman is working to firm up a $400 million stake in the world’s largest talent agency, Endeavor LLC, so that he can announce the deal during his two-week trip to the U.S., which kicks off next week, the WSJ reports.

Why it matters: The Saudis have a lot of money to spend on diversifying their economy beyond oil, and this effort to push into the entertainment industry aligns with the crown prince’s modernization goals. He is also relaxing some limitations placed on movie theaters in Saudi Arabia this year and has plans to build a domestic film industry.

  • Timing: The move follows the kingdom's recent reforms, such as allowing women to drive and enabling rock bands to host concerts in the country.
  • Notable: AMC Entertainment Holdings Inc., Vue Entertainment (a European theater chain), and iPic Entertainment also have plans to build theaters in Saudi Arabia.

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U.S. coronavirus updates: New York reports record 630 deaths in 24 hours

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

New York reported 630 new deaths in 24 hours, Gov. Andrew Cuomo said Saturday — an "all-time increase" that beat the previous day's record of 562 deaths in a single day.

The big picture: As expected, COVID-19 death tolls are rising in the U.S., killing more than 7,100 people in total, and over 1,000 in 24 hours alone. The CDC is recommending Americans wear face coverings in public to help stop the spread, marking a significant change in messaging from the Trump administration.

Go deeperArrowUpdated 6 mins ago - Health
Axios

World coronavirus updates: Spain tracks more cases than Italy

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain overtook Italy in its number of coronavirus cases on Saturday, as the global death toll surpassed 60,000, per Johns Hopkins data.

The latest: About half the planet's population is on lockdown amid the coronavirus crisis. Fatalities are exponentially increasing across Europe, with roughly half of deaths worldwide located in Italy and Spain.

Go deeperArrowUpdated 8 mins ago - Health
Axios

Coronavirus dashboard

Illustration: Axios Visuals

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,140,327 — Total deaths: 60,887 — Total recoveries: 233,930 — Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 278,568 — Total deaths: 7,163 — Total recoveries: 9,920 — Map.
  3. Public health latest: The CDC is recommending Americans wear face coverings in public to help stop the spread of the coronavirus. The federal government will cover the costs of COVID-19 treatment for the uninsured.
  4. 2020 latest: "I think a lot of people cheat with mail-in voting," President Trump said of the 2020 election, as more states hold primaries by mail. Montana Gov. Steve Bullock said Friday that every county in the state has opted to expand mail-in voting for the state's June 2 primary.
  5. Business updates: America's small business bailout is off to a bad start. The DOT is urging airlines to refund passengers due to canceled or rescheduled flights, but won't take action against airlines that provide vouchers or credits.
  6. Oil latest: A pivotal Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Military updates: Senators call for independent investigation into the firing of Navy captain of the U.S.S. Theodore Roosevelt. The U.S. military is struggling to find new recruits as enlistment stations are shut down.
  8. 1 🏀 thing: The WNBA is postponing the start of its training camps and season.
  9. What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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Keep ReadingArrowUpdated 11 mins ago - Politics & Policy