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Time Inc. announced Friday that it no longer plans to sell itself, and will instead focus on its strategic growth plan — growing its digital audience and revenues through native content, diversifying its revenue stream through streaming opportunities and events, enhancing automated advertising opportunities and restructuring its cost structure.

Why it matters: Time Inc. has been flirting with a sale for months, and asked potential buyers to submit offers a little over a month ago. The bait-and-switch decision points to Time's inability to find a buyer. Reports surfaced last month that a bid by presumed front-runner for the acquisition, Meredith Corp., was dropped after it was initially rejected by Time last November.

For investors: Stocks fell 19% Friday morning in light of the announcement. Shares were valued at $17.55 USD, up nearly 40% percent since November, when they initially asked for bids in February.

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Updated 40 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 19,451,097 — Total deaths: 722,835 — Total recoveries — 11,788,665Map.
  2. U.S.: Total confirmed cases as of 2. p.m. ET: 4,968,413 — Total deaths: 161,858 — Total recoveries: 1,623,870 — Total tests: 60,415,558Map.
  3. Public health: Fauci says chances are "not great" that COVID-19 vaccine will be 98% effective.
  4. Science: Indoor air is the next coronavirus frontline.
  5. Schools: How back-to-school is playing out in the South as coronavirus rages on — Princeton, Johns Hopkins, Howard to hold fall classes online.
1 hour ago - World

What's next for Lebanon after the Beirut explosion

Photo: Houssam Shbaro/Anadolu Agency via Getty Images

Beirut residents are still clearing rubble from streets that appear war-torn, days after a blast that shocked the country and horrified the world.

Why it matters: The explosion is likely to accelerate a painful cycle Lebanon was already living through — discontent, economic distress, and emigration.

Wolf Blitzer marks 15 years in "The Situation Room"

Wolf Blitzer on the White House beat in 1993, along with NBC's Brian Williams, CBS' Rita Braver and ABC's Brit Hume. Photo: Paul J. Richards/AFP via Getty Images H

Aug. 8, 2005 — "The Situation Room's" debut on CNN wherein the host first said: "I'm Wolf Blitzer and you're in The Situation Room, where news and information from around the world arrive in one place simultaneously!"

The state of play: When the pandemic took off in the U.S. in March, Blitzer started working 7 days a week for 60+ days, until he took a Sunday off. Then he continued 7 days a week until he took a few days off.