Discovery Communications, Inc. announced Monday that it's buying Scripps Networks Interactive, Inc. via a cash-and-stock transaction valued at $14.6 billion, or $90 per share. The transaction will finalize by early next year.

  • The deal is massive: With the acquisition, Discovery will own about 20% of cable viewership and will own five of the top pay-TV networks for women.
  • Why it matters: The merger gives Discovery more leverage to negotiate better distribution deals with the broadband companies. The acquisition of Scripps' lifestyle properties, like Food Network, HGTV and Travel Channel, add heft to Discovery's similarly lifestyle/adventure-based portfolio that they could leverage to develop their own non-sports skinny bundle.
  • What to watch: The move represents a growing trend of consolidation in the cable and telecom sectors as cord cutting intensifies and streaming TV consumption increases.

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Updated 1 hour ago - Health

8 states set single-day coronavirus case records last week

Data: Compiled by Axios; Map: Danielle Alberti/Axios

8 states set new highs last week for coronavirus infections recorded in a single day, according to the COVID Tracking Project (CTP) and state health departments. Montana, West Virginia, and Wyoming surpassed records from the previous week.

Why it matters: Cases and hospitalizations are rising in Michigan, a state that initially fought the pandemic with strict mitigation efforts, alongside states that took less action against the spread of the virus this spring.

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"Herd immunity claims by top Trump adviser are "pseudoscience," infectious-disease expert says.
  2. Map: 38 states, D.C. see surge in cases.
  3. Health: Coronavirus hospitalizations are on the rise — Fauci says he's "absolutely not" surprised Trump got coronavirus.
  4. Business: Consumer confidence surveys show Americans are getting nervousHow China's economy bounced back from coronavirus.
  5. Sports: We've entered the era of limited fan attendance.
  6. Education: Why education technology can’t save remote learning.
Dion Rabouin, author of Markets
4 hours ago - Economy & Business

The Fed is starting to question its own policies

Illustration: Aïda Amer/Axios

Several officials at the Fed are beginning to worry about asset bubbles and excessive risk-taking as a result of their extraordinary policy interventions, James Politi writes for the Financial Times, citing interviews with multiple Fed presidents and members of the Board of Governors.

Details: Some are now pushing for "tougher financial regulation" as concerns grow that monetary policy is "encouraging behavior detrimental to economic recovery and creating pressure for additional bailouts."