Sep 26, 2018

WeddingWire to buy XO Group for $933 million

Photo: JC Olivera via Getty Images for Stellar

WeddingWire — a Chevy Chase, Maryland-based portfolio company of Permira and Spectrum Equity Investors — has agreed to buy XO Group (NYSE: XOXO), owner of TheKnot.com, for $933 million, or $35 per share (27% premium to Monday’s close).

The big picture: There were reportedly around 2.2 million weddings in the U.S. last year with a total spend of over $56 billion. Per the WSJ's Kimberly Chin, "Both brands will be operated as separate consumer products so that wedding professionals and their partners can have both offerings, XO Group said Tuesday. XO Group Chief Executive Mike Steib and WeddingWire CEO Tim Chi will also become co-CEOs of the combined company upon the deal’s completion."

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Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 1,513,358 — Total deaths: 88,415 — Total recoveries: 329,329Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 430,376 — Total deaths: 14,739 — Total recoveries: 23,707Map.
  3. Federal government latest: Top Trump administration officials had been developing a plan to give cloth masks to huge numbers of Americans, but the idea lost traction amid heavy internal skepticism.
  4. States latest: New York has reported more cases than the most-affected countries in Europe. Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  5. Business: One-third of U.S. jobs are at risk of disappearing, mostly affecting low-income workers.
  6. World: WHO Director-General Tedros Adhanom Ghebreyesus urged countries to put politics aside "if you don’t want to have many more body bags.”
  7. Environment: COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.
  8. Tech: A new report recommends stimulus spending to help close the digital divide revealed by social distancing.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&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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U.S. coronavirus updates: New York tops previous day's record death toll

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

New York's death toll surged to its highest one-day total on Wednesday — beating the previous day's record. 779 people died in the state in 24 hours. The state has reported more cases than the most-affected countries in Europe.

Why it matters: Public health officials have warned this would be a particularly deadly week for America, even as New York began to see declining trends of hospitalizations and ICU admissions.

Go deeperArrowUpdated 58 mins ago - Health

The pandemic and pollution

New York City's skyline on a smoggy day in May 2019. Photo: Drew Angerer/Getty Images

COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.

Why it matters: Old-fashioned air pollution is almost certainly the single biggest environmental health threat, contributing to the deaths of some 7 million people a year according to the WHO, making it comparable to deaths from smoking.

Go deeperArrow4 hours ago - Health