The Angelos family agreed to sell the Baltimore Orioles for $1.7 billion to a group led by Chevy Chase billionaire David Rubenstein, 74, who is a philanthropist and started the Carlyle Group.
Ares Management Corporation co-founder Mike Arougheti and Orioles legend Cal Ripken Jr. are part of the group that will own the franchise.
Rubenstein’s group will initially own a 40% ownership stake in the Orioles with an agreement to purchase the remaining equity upon the death of family patriarch Peter Angelos. Angelos bought the team in 1993 for $173 million.
His son, John Angelos, has taken over ownership responsibilities since 2020. [The Baltimore Sun]
Novavax, Gaithersburg-based vaccine maker, announces second-wave of layoffs
Gaithersburg’s Novavax, which produces vaccines, announced Wednesday that 12% of its employees were cut as part of a second round of layoffs, bringing the total staff reduction to around 30% at the end of the first quarter.
The company said it wants to get general and research and development expenses to less than $750 million in 2024.
Novavax said that it’s focusing on its COVID-19 vaccine and the upcoming launch of a phase 3 clinical trial for its combination COVID-flu vaccine. [Washington Business Journal]
Montgomery County delegates sponsor state bill to criminalize mail theft
The Maryland General Assembly’s District 18 delegation, which includes parts of Silver Spring, Bethesda and Wheaton, is sponsoring a bill to enforce stricter penalties for mail theft.
Del. Jared Solomon (D), Aaron Kaufman (D) and Emily Shetty (D) introduced a bill to the state house Tuesday, which would prohibit the theft of mail from mailboxes owned by the U.S. Postal Service, along with stealing mail with the intent to commit identity theft, especially when taking it from an elderly person or vulnerable adult.
Penalties are still being discussed but would likely be similar to those for counterfeiting and disclosure of the use of a credit card number. [WTOP]
Today’s weather:
Cloudy with a high of 51 degrees.
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