TNT last week inked a five-year deal with ESPN to sublicense select College Football Playoff games next season, giving its parent Warner Bros. Discovery an additional live sporting event to add to its roster in case it doesn't land crucial NBA rights in the next few days or weeks.
Why it matters: WBD would need to top NBC's bid of at least $2.5 billion per year to land the rights, per Sports Business Journal.
While the rights would serve as a critical boost to WBD's linear TV portfolio and its streaming ambitions, the pressure on the company to pay down $40 billion in debt makes that price tag harder to stomach.
Former GOP presidential nominee Vivek Ramaswamy is requesting three board seats and a slew of changes at BuzzFeed, according to a letter obtained by Axios.
Last week, Ramaswamy disclosed that he acquired a 7.7% stake in BuzzFeed and indicated an activist investor plan to push a "shift in strategy."
In his letter Monday, Ramaswamy said his stake has grown to 8.37%.
Why it matters: Activist investor fights are typically a headache for company executives, but shares in BuzzFeed have nearly tripled on the news.
In his letter, Ramaswamy called for cutting more jobs and investing in creator-led audio and video content from conservative voices.
In response, BuzzFeed CEO Jonah Peretti told Ramaswamy via email that he has "some fundamental misunderstandings about the drivers of our business, the values of our audience, and the mission of the company."
Concert prices are down this summer from last year's heights, according to new data from SeatGeek.
Why it matters: Pop's biggest names aren't on the circuit this time around. Experts say that last year's prices were likely due to historic demand to see Taylor Swift and Beyoncé.
Economists are debating how AI might reshape the U.S. job market and boost productivity growth in the decades ahead. But a new paper finds that such benefits will be harder to match across the Atlantic.
Why it matters: The result might be a widening divide in innovation and economic outcomes between the U.S. and continental Europe.
The Walt Disney Company's reputation is bouncing back after losing favor with Republicans in 2022 when the company criticized Florida's "Don't Say Gay" legislation, according to the latest Axios Harris Poll 100.
Why it matters: Unlike Target and Anheuser-Busch — which also found themselves embroiled in modern culture wars around sexual orientation and trans rights — Disney's overall reputation score saw an uptick in the last year.
The Daily Wire, a conservative media and entertainment company, made more than $22 million from commerce in 2023, representing roughly 10% of its revenue for the year, executives told Axios.
Why it matters: The company, which finished 2023 with a profit and more than $200 million in top line revenue, sees an opportunity in commerce to serve the same interests as its media brand.
Celebrities, journalists and public figures are warning fans not to trust seemingly authentic videos and posts of them endorsing wellness products on social media, since so many of these images have been manipulated using AI.
Why it matters: The wellness business has always been a breeding ground for online scams, and AI is supercharging the problem.
T-Mobile has agreed to buy U.S. Cellular's wireless operations and select spectrum assets for $4.4 billion, the companies announced on Tuesday.
Why it matters: The deal ushers in more telecom consolidation and strengthens T-Mobile's position after having already combined with Mint Mobile parent Ka'ena and Sprint.
The Associated Press has inked new deals with five local newsrooms to share and distribute content ahead of the 2024 election, executives told Axios.
Why it matters: AP is one of the few national media organizations in the U.S. that still has a sizable presence at the local level. The nonprofit wire service has at least one reporter in every U.S. statehouse.
The inflation rate for "food at home," basically the stuff you buy at the supermarket, is really low these days, with prices rising just 1.1% over the last year. But since January 2021, when President Biden took office, prices are up nearly 21%.
Why it matters: Every time Americans go food shopping they feel the sting of higher prices, making the grocery store the place where consumers are most regularly reminded about inflation.
Elon Musk and his investors are betting $6 billion that bigger AI will continue to be better AI.
The big picture: Musk long ago parted ways with the other co-founders of OpenAI — but his AI startup, xAI, is borrowing OpenAI's "if you build it larger, it will get smarter" strategy.
