1 big thing: Hollywood's labor fight begins

Illustration of picket signs shaped like film slates.

2. The BFD: MJ considers Hornets sale

Charlotte Hornets owner Michael Jordan looks on during their game against the Orlando Magic at Spectrum Center on March 03, 2023 in Charlotte, North Carolina. 

3. Maximum Fun's transition 

Illustration of a microphone on top of a stack of dollars.

4. Deal flow

5. Movin' on up (or out)

6. Channel surfing

Illustration of a remote control in the shape of a surfboard leaning against a VW bus.

7. 1 fun thing: Taylor Swift's tour kickoff 

Axios' Kerry Flynn and Harrison Smith standing in front of State Farm Stadium on March 17, 2023 for The Eras Tour.

🗣️ Quote of the day: "If Jimmy [Finkelstein] was buying a house, he'd negotiate the curtains in order to lower the price, but this isn't an easy moment for a new entrant," an anonymous media executive tells New York Post's Alexandra Steigrad of The Messenger. 

@tim_bays: "Succession" season 4 premiere party. Let the Roy family's swan song begin.  

@kerrymflynn: "The Last Of Us" on HBO Max. Finally catching up on the finale after begging everyone not to spoil it for me the past week. 

✏️ Thanks to Michael Flaherty for editing and Katie Lewis for copy editing this newsletter.

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and WGA members to sign up.

Media Deals

Diamond expects to lose some MLB rights after bankruptcy

1 big thing: A regional sports network's slump

2. The BFD: Ryan Reynolds' new mobile parent 

3. State of play: Diamond's bankruptcy impact

5. Movin' on up (or out) 

Illustration of a TV color test screen in the shape of a wave.

📺 Situational awareness: The Axios Visuals team built a tool to help you optimize your streaming subscriptions based on the shows you watch.

🗓 Programming note: Join Axios Business Editor Dan Primack and Senior Deals Editor George Moriarty this Friday at 1pm ET for a subscriber-exclusive conversation on the state of the SVB fallout and what happens next. Register

@tim_bays: "Ted Lasso" on Apple TV+. Fútbol is life. 

@kerrymflynn: "She Said" on Delta Inflight Movies. Finally watched this film on my flight back from SXSW. So powerful. It inspired me to read back through the original NYT story, too. 

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and baseball fans to sign up.

1. SVB fallout 

2. Axios and Reddit, onstage at SXSW

3. Three-way race for Paramount's BET 

4. Diamond Sports Group files for Chapter 11

5. Ryan Reynolds' new mobile parent 

6. Clock ticks on TikTok 

⚾️ Tim has the latest on the MLB putting the squeeze on Diamond.

🎙Situational awareness: Register for the SVB discussion today with our Axios colleagues, if you haven't already. 

🙏 Thank you for reading Axios Pro Media Deals in what was a roller-coaster week.

☘️ On behalf of Kerry and Tim, and all of our Irish heritage folks within Axios, editor Michael Flaherty here wishing you all a pleasant St. Patrick's Day. Erin go bragh.

✏️ Thanks to Katie Lewis for copy editing this newsletter.

Please ask your friends, colleagues and countrymen to sign up.

Mood Media acquires audio ad network Vibenomics

1 big thing: Mood Media's vibe shift

Illustration of a hundred dollar bill as an equalizer.  

2. The BFD: Magic joins Commanders' sale blitz 

3. Monumental's $20M overhaul of D.C.'s regional sports network

Illustration of a surfer with a television in the place of his head.

7. 1 fun thing: "Succession" takes Manhattan 

🌎 Situational awareness: "More than a dozen countries around the world have introduced full, partial or public sector bans on TikTok amid heightened national security concerns," Sara Fischer writes.

@tim_bays: "Mythic Quest" on Apple TV+. Went a few months without Apple TV, so playing some catch-up. 

@kerrymflynn: "Shazam! Fury of the Gods" at AMC Theatres. I haven't watched the first movie, but I'm told I didn't miss too much since I saw "Black Adam."

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and Logan Roy to sign up.

1 big thing: Metaverse is so 2022

2. The BFD: Clock ticks on TikTok 

Illustration of an anvil swaying back and forth above the tiktok app icon

3. Tweet of the day

Tweet from Diddy saying BET should be black-owned

📆 Situational awareness: Join Axios Business Editor Dan Primack and Senior Deals Editor George Moriarty this Friday at 1pm ET for a subscriber-exclusive conversation on the state of the SVB fallout and what happens next. Register.

@tim_bays: March Madness. I've barely watched any college basketball this season, but the tourney still gets me. 

@kerrymflynn: Taylor Swift. I'll be in Arizona this weekend to see the kickoff of The Eras Tour. 

✏️ Thanks to George Moriarty for editing and Katie Lewis for copy editing this newsletter.

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and Diddy to sign up.

Data: Yahoo Finance; Chart: Axios Visuals

Lee Enterprises told some employees in February that they will need to take a two-week, unpaid furlough or accept a salary reductions.

Lee has not approached the unions of three Virginia papers that are represented by Washington Baltimore News Guild, local representative Paul Reilly tells Axios in an email.

United Media Guild, which represents staffers at the St. Louis Post-Dispatch and The Southern Illinoisan, also has not been notified of furloughs, says Carson. 

"In the past, we have agreed to it. I'm not sure which way members [would] vote on it this time," Carson says in a phone call. "During COVID, we took a two-week furlough, and I think people were like, 'OK, I understand what's going on. I understand the economic pressure.'"

"Being a journalist at any newspaper company now kind of feels like you're in an abusive relationship sometimes," Carson says. 

Between the lines: The St. Louis Post-Dispatch recently let go of its librarian, the last remaining staffer of its once "robust" library and research department, Carson says.

"The size of our news staff at the Journal Star is now less than half of what it was when I started in 2014, even though the issues and people we are covering are increasingly complex and nuanced," Lincoln Journal Star reporter Chris Dunker says over text. 

"The loss in wages adds insult to injury as many haven't received a pay raise in years and are now dealing with inflation the same as everyone else," Dunker says. "We want to serve readers and cover our communities with depth and sensitivity, but [this] corporate model ... is making that almost impossible."

State of play: Lee Enterprises

The latest on the drama surrounding the hedge-fund owned publisher.

Media deals

Last updated Feb. 14, 2023Lee Enterprises told some employees in February that they will need to take a two-week, unpaid furlough or accept a salary reductions.<ul><li>Lee has not approached the unions of three Virginia papers that are represented by Washington Baltimore News Guild, local representative Paul Reilly tells Axios in an email.</li><li>United Media Guild, which represents staffers at the St. Louis Post-Dispatch and The Southern Illinoisan, also has not been notified of furloughs, says Carson. </li><li>&quot;In the past, we have agreed to it. I&#x27;m not sure which way members [would] vote on it this time,&quot; Carson says in a phone call. &quot;During COVID, we took a two-week furlough, and I think people were like, &#x27;OK, I understand what&#x27;s going on. I understand the economic pressure.&#x27;&quot;</li><li>&quot;Being a journalist at any newspaper company now kind of feels like you&#x27;re in an abusive relationship sometimes,&quot; Carson says. </li></ul>Between the lines: The St. Louis Post-Dispatch recently let go of its librarian, the last remaining staffer of its once &quot;robust&quot; library and research department, Carson says.<ul><li>&quot;The size of our news staff at the Journal Star is now less than half of what it was when I started in 2014, even though the issues and people we are covering are increasingly complex and nuanced,&quot; Lincoln Journal Star reporter Chris Dunker says over text. </li><li>&quot;The loss in wages adds insult to injury as many haven&#x27;t received a pay raise in years and are now dealing with inflation the same as everyone else,&quot; Dunker says. &quot;We want to serve readers and cover our communities with depth and sensitivity, but [this] corporate model ... is making that almost impossible.&quot;</li></ul>

Podcast network Maximum Fun is turning into a worker-owned cooperative, senior producer Kevin Ferguson tells Axios.

Why it matters: The move is an alternative to the common trajectory of a podcast studio selling itself to big media company like iHeartMedia, SiriusXM and Spotify.

Details:  The hope is that a worker-owned cooperative will provide growth and stability, says Ferguson, who recalled starting his career in audio and podcasting around the 2008 recession when the industry had drastic layoffs.

"I strongly believe the way you can create a sustainable media company, one that's impervious to private equity takeovers and capricious layoffs from giant corporations, is something where the worker-owners have a seat at the table and leadership is accountable to them," Ferguson says.

"I just had a kid, and I like the idea of working somewhere where I can feel pretty confident I'll have a job three or four years from now," says Ferguson, who also serves as a member of the co-op transition team.

Catch up quick: Around the turn of the century, Jesse Thorn started a radio show in college and soon after built up Maximum Fun. The network of comedy and culture podcasts now includes 37 active shows, 12 of which are produced in-house.

It has tens of thousands of paying members, composing the majority of its revenue. It also makes money from podcast advertising, which it shares with the podcast creators in the network.

What's next: The company has 23 full-time employees, all of whom are eligible to become worker-owners. It will elect a board of five worker-owners. Thorn will stay on as a worker-owner and be a board adviser.

Ferguson says he hopes the transition inspires more people to financially contribute to the network and potentially more podcasts to join.

Podcast network Maximum Fun to be worker-owned

The podcast network is changing ownership.

Podcasts

Podcast network Maximum Fun is turning into a worker-owned cooperative, senior producer Kevin Ferguson tells Axios.Why it matters: The move is an alternative to the common trajectory of a podcast studio selling itself to big media company like iHeartMedia, SiriusXM and Spotify.

Reddit can support and sustain itself against the rise of generative AI tools, COO Jen Wong tells Axios onstage at SXSW on Monday.

Why it matters: ChatGPT's ability to answer questions could impact time spent with platforms like Reddit.

What they're saying: "To train the brain, you still have to have a corpus of knowledge, and that knowledge comes from humans," Wong says. Reddit is "this animate corpus, 18 years old, that changes every day, every year that reflects all the things that all of you are thinking about."

"I think it's one of the best places to share [knowledge] and a place that has very, very unique views on everything," she says.

The intrigue: Wong's immediate response to the question of whether Reddit's future was threatened by services like ChatGPT was, "Where do you think they get their answers from?"

That sparked laughs and cheers from the audience, the majority of whom had identified as Reddit users.

When asked if Reddit expects to receive checks from ChatGPT for scraping its data, she quipped about looking into her crystal ball.

Meanwhile: Multiple audience questions focused on brand safety concerns with Reddit, likely given the platform's history with hate speech.

One attendee said government agencies are afraid to have a Reddit presence and asked how to make the case.

"Reddit is a place of discussion," Wong says. "It's better to know what people think, to be able to engage in the conversation."

What's next: Reddit confidentially filed its paperwork to go public in December 2021 but has yet to IPO. The Information reported last month that Reddit was looking to IPO in the second half of this year.

When asked about the IPO prospects, Wong joked that she would look at her crystal ball again.

Reddit's community will survive amid rise of ChatGPT, COO says

Axios spoke with Reddit COO Jen Wong onstage at SXSW 2023.

Axios' Kerry Flynn and Reddit's Jen Wong sitting in white chair side by side

Kerry Flynn and Reddit COO Jen Wong at SXSW 2023. Photo: Getty Images for SXSW

Reddit

Reddit can support and sustain itself against the rise of generative AI tools, COO Jen Wong tells Axios onstage at SXSW on Monday.Why it matters: <a class="gtmContentClick" data-vars-link-text="ChatGPT" data-vars-click-url="https://www.axios.com/2022/12/05/chatgpt-scary-good-ai-chatbot" data-vars-content-id="d99bdeeb-f6c7-4155-84f0-59865a18c506" data-vars-headline="Reddit&#x27;s community will survive amid rise of ChatGPT, COO says" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/12/05/chatgpt-scary-good-ai-chatbot" target="_self">ChatGPT</a>&#x27;s ability to answer questions could impact time spent with platforms like Reddit.

T-Mobile will acquire Mint Mobile parent company Ka'ena Corporation for as much as $1.35 billion, the company announced Wednesday.

Why it matters: Partly owned and popularized by actor Ryan Reynolds, Mint Mobile is a budget wireless provider that will help expand T-Mobile's customer base.

Details: Ka'ena's brands also include Ultra Mobile, a wireless service offering specializing in international calling, and Plum, a wholesale wireless solutions provider.

T-Mobile said it will pay up to $1.35 billion in a combination of 39% cash and 61% stock. The actual price depends on Ka'ena's performance.

Mint founders David Glickman and Rizwan Kassim will remain at T-Mobile to manage the brands. Reynolds will keep his creative role for Mint.

T-Mobile said it expects the deal to close later this year.

Of note: As Reynolds noted in a YouTube video about the news, Mint has run on T-Mobile's cellular network since its inception.

T-Mobile CEO Mike Sievert said in the same video that it will keep Mint's $15 per month pricing.

T-Mobile to buy Mint Mobile parent for up to $1.35B

Ryan Reynolds will keep his creative role for Mint.

Ryan Reynolds. Photo: Alex Livesey/Danehouse/Getty Images

T-Mobile

<a class="gtmContentClick" data-vars-link-text="T-Mobile" data-vars-click-url="https://www.axios.com/2021/04/26/t-mobile-joins-giants-wireless" data-vars-content-id="dfecd4d2-7ce9-4cbf-b2ec-337a3abc579b" data-vars-headline="T-Mobile to buy Mint Mobile parent for up to $1.35B" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2021/04/26/t-mobile-joins-giants-wireless" target="_self">T-Mobile</a> will acquire Mint Mobile parent company Ka&#x27;ena Corporation for as much as $1.35 billion, the company <a class="gtmContentClick" data-vars-link-text="announced" data-vars-click-url="https://www.t-mobile.com/news/business/t-mobile-to-acquire-mint-and-ultra-mobile" data-vars-content-id="dfecd4d2-7ce9-4cbf-b2ec-337a3abc579b" data-vars-headline="T-Mobile to buy Mint Mobile parent for up to $1.35B" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.t-mobile.com/news/business/t-mobile-to-acquire-mint-and-ultra-mobile" target="_blank">announced</a> Wednesday.Why it matters: Partly owned and popularized by actor Ryan Reynolds, Mint Mobile is a budget wireless provider that will help expand T-Mobile&#x27;s customer base.

Mood Media has acquired Vibenomics to expand its in-store marketing business, company executives tell Axios. 

Why it matters: Companies are continuing to invest in the rapidly growing retail media sector, a segment where retailers market their products in-store or online. Mood Media and Vibenomics specialize in supporting brick-and-mortar stores. 

How it works: Mood Media helps retailers and other venues provide on-site experiences including music, digital signage and scents. It supports 500,000 locations and reaches more than 150 million consumers in more than 140 countries.

The company works with more than 850 enterprise brands including Nike, McDonald's, Marriott, CVS Pharmacy and Whole Foods. 

Financial details of the deal were not disclosed. 

Details: When Vibenomics raised its Series B last May, it worked with clients in more than 6,000 locations. The combination can accelerate growth by expanding its ad network to Mood Media's clients.

"Scale is everything when it comes to advertising," Vibenomics CEO Brent Oakley says. "Even though we have the best software to run in-store advertising, we still needed to scale."

Vibenomics had raised $32 million. The company's 40 employees are all joining Mood Media, which already had 1,200 employees. Oakley's new title is executive vice president, advertising solutions at Mood Media and president of Vibenomics.

"Retailers exist on very low margins, and it's an insanely competitive environment," Mood Media CEO Malcolm McRoberts says. "80-odd percent of [purchasing] decisions are made in-store." 

Catch up quick: Private equity firm Vector Capital acquired Mood Media in 2021 and appointed McRoberts as CEO. Prior, the company had gone public and later delisted and filed for Chapter 11 bankruptcy.

Last year, Mood Media generated more than $300 million in revenue.

"Ultimately the brick-and-mortar, the on-premise world will survive because it creates a different experience," McRoberts said in January at Solomon Partners' Media and Entertainment Summit. "Everybody predicted the internet would kill it. COVID would kill it. No, it didn't."

The combination follows the fast growth of the retail media sector.

Advertising

Mood Media has acquired <a class="gtmContentClick" data-vars-link-text="Vibenomics" data-vars-click-url="https://www.axios.com/pro/media-deals/2022/05/31/vibenomics-funding-retail-audio-ads" data-vars-content-id="e9367428-2849-4f2d-8ac4-67920c341ea5" data-vars-headline="Mood Media acquires audio ad network Vibenomics" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/media-deals/2022/05/31/vibenomics-funding-retail-audio-ads" target="_self">Vibenomics</a> to expand its in-store marketing business, company executives tell Axios. Why it matters: Companies are continuing to invest in the rapidly growing retail media sector, a segment where retailers market their products in-store or online. Mood Media and Vibenomics specialize in supporting brick-and-mortar stores.

Kerry Flynn

Stories

Mood Media acquires audio ad network Vibenomics

Podcast network Maximum Fun to be worker-owned

T-Mobile to buy Mint Mobile parent for up to $1.35B

State of play: Lee Enterprises

Reddit's community will survive amid rise of ChatGPT, COO says

Newsletter editions

Media: 🛒 Retail vibes

Media: 🎬 Labor fight

Media: 🗞 Catch up quick

Media: 💰 AI > metaverse

Media: Diamond in the rough