WPP CEO Martin Sorrell. Photo: Pierre Metivier / Flickr cc

WPP, the world's largest advertising agency, has agreed to sell its 24.7% stake in Japanese agency Asatsu-DK (ADK) to private equity firm Bain Capital for $1.35 billion.

Why it matters: The agreement ends a two decades plus relationship between WPP and ADK, and comes after months of feuding between the three parties. It also is the first-ever buyout of a major Japanese ad agency.

Tensions escalated when WPP threatened to impose legal action to block the sale, by not tendering its shares. The agency later agreed to increase its stake in the company if Bain would pull its offer. It's unclear why WPP abandoned that stance.

ADK argued the WPP relationship no longer made fiscal or strategic sense. According to Reuters, it wanted to focus more heavily on mobile video, a growth area across most markets, but particularly Asia. According to eMarketer's latest forecast, Japan is already the world's third-largest ad market $41 billion.

Per Reuters, ADK says WPP and Bain can now discuss potentially letting WPP buy 25% of the entity that would own ADK. The aim would be to prevent WPP from being totally forced out of the company.

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.