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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

Former Sen. Bob Dole dies

Former Senator Bob Dole in 2019. Photo: Tom Brenner/Getty Images

Former Kansas Senator Leader Bob Dole passed away Sunday morning at the age of 98, the Elizabeth Dole Foundation announced in a statement.

Driving the news: Dole, a revered figure in U.S. politics and the Republican presidential nominee in 1996, served in the Senate for 27 years, including 11 years as GOP leader. Earlier this year he revealed he had been diagnosed with stage 4 lung cancer.

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.

5 hours ago - Health

Vaccine mandates lose steam in the U.S. while Europe doubles down

Illustration: Sarah Grillo/Axios

European countries are doubling down on pressure campaigns to get people vaccinated just as Republicans continue to wage war — often successfully — against vaccine mandates in the U.S.

Why it matters: The starkly different approaches create a sharp contrast between the regions' approaches to vaccination, even as the Omicron variant rapidly spreads around the world.

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