Time Inc. shares fell more than 20% in early trading Friday, after the magazine publisher announced that it is removing itself from the auction block.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

What happened: Time stock had been slowly sinking since the company was spun out of Time Warner in mid-2014, but spiked last November after reports of a takeover offer led by former Warner Music CEO Edgar Bronfman Jr. But Time Inc. rejected Bronfman's overtures, and instead launched a wider sale process.

What went wrong: The company's board (and many traders) seemingly believed Bronfman's bid of around $18 per share set a new floor, and that subsequent bids would come in at $20 per share or higher. It was a bad bet, and fairly predictable.

What now: Time Inc. says it plans to pursue its own strategic plan, which includes a continued emphasis on digital over print. It also will pursue "elective portfolio rationalization," which is another term for product sales or shutdowns.

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Updated 43 mins ago - Politics & Policy

Supreme Court denies Pennsylvania GOP request to limit mail-in voting

Protesters outside Supreme Court. Photo: Daniel Slim/AFP via Getty Images

The Supreme Court on Monday denied a request from Pennsylvania's Republican Party to shorten the deadlines for mail-in ballots in the state. Thanks to the court's 4-4 deadlock, ballots can be counted for several days after Election Day.

Why it matters: It's a major win for Democrats that could decide the fate of thousands of ballots in a crucial swing state that President Trump won in 2016. The court's decision may signal how it would deal with similar election-related litigation in other states.

Microphones will be muted during parts of Thursday's presidential debate

Photos: Jim Watson and Saul Loeb/AFP via Getty Images

The Commission on Presidential Debates adopted new rules on Monday to mute microphones to allow President Trump and Joe Biden two minutes of uninterrupted time per segment during Thursday night's debate, AP reports.

Why it matters: In the September debate, Trump interrupted Biden 71 times, compared with Biden's 22 interruptions of Trump.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Politics: Trump says if Biden's elected, "he'll listen to the scientists"Trump calls Fauci a "disaster" on campaign call.
  2. Health: Coronavirus hospitalizations are on the rise — 8 states set single-day coronavirus case records last week.
  3. States: Wisconsin judge reimposes capacity limit on indoor venues.
  4. Media: Trump attacks CNN as "dumb b*stards" for continuing to cover pandemic.
  5. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  6. Sports: We've entered the era of limited fan attendance.
  7. Education: Why education technology can’t save remote learning.

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