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SoftBank Group Corp. is in discussions to provide WeWork with roughly $5 billion of rescue financing in an effort to salvage one of the conglomerate’s biggest investments.

The funds will come directly from SoftBank, rather than its Vision Fund, according to a person familiar with the matter who asked not to be named because the talks are private. SoftBank, which already owns about a third of WeWork, would not amass a majority of voting rights, though its stake would increase, the person said. Part of the package may include nonvoting preferred stock.

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