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Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

WeWork said that it has sold its minority stake in women co-working space operator The Wing to a group of new and existing investors, including Google Ventures. No terms were disclosed.

Why it matters: This is a reminder that WeWork isn't just a cautionary tale to be shoehorned into every scattered critique of the venture capital and startup ecosystem. It's still a commercial real estate giant that's trying to right the ship by refocusing on its core, slower-growth business.

  • Other investors in today's deal include actress Mindy Kaling and existing Wing backers NEA and Sequoia Capital.

Flashback: WeWork and The Wing originally discussed a deal in mid-2017 whereby The Wing's two co-founders would each receive $250k "advisor cash awards," $10 million in secondary sales, and $1 million in new shares. After that term sheet got leaked by disgruntled Wing shareholders, the final deal became smaller ($32m total) and much more vanilla.

The bottom line: WeWork expects to get more runway within the "coming weeks," when it's able to access a new $1.75 billion, zero-cash collateral credit facility from Goldman Sachs, as part of last fall's SoftBank-led bailout.

Go deeper: Why firing the CEO of a company doesn't change anything

Go deeper

55 mins ago - Health

Standardized testing becomes another pandemic victim

Photo: Edmund D. Fountain for The Washington Post via Getty

National standardized reading and math tests have been pushed from next year to 2022, the National Center for Education Statistics (NCES) announced Wednesday.

Why it matters: There’s mounting national evidence that students are suffering major setbacks this year, with a surge in the number of failing grades.

1 hour ago - World

European countries extend lockdowns

A medical worker takes a COVID-19 throat swab sample at the Berlin-Brandenburg Airport. Photo by Maja Hitij via Getty

Recent spikes in COVID-19 infections across Europe have led authorities to extend restrictions ahead of the holiday season.

Why it matters: "Relaxing too fast and too much is a risk for a third wave after Christmas," said European Commission President Ursula von der Leyen.

2 hours ago - Health

Africa CDC: Vaccines likely won't be available until Q2 of 2021

Africa CDC director Dr. John Nkengasong. Photo: Mohammed Abdu Abdulbaqi/Anadolu Agency via Getty

Africa may have to wait until the second quarter of 2021 to roll out vaccines, Africa CDC director John Nkengasong said Thursday, according to the Associated Press.

Why it matters: “I have seen how Africa is neglected when drugs are available,” Nkengasong said.

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