Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Lazaro Gamio / Axios

The economic strains of technology on the entire media landscape are intensifying. Weeks after Google and Facebook announced record earnings, some of the biggest players in the digital media industry are still struggling to hit revenue projections, make profit or grow.

Why it matters: Rapid consolidation in every sector, but especially digital, shows how difficult it is for media companies to survive in an attention economy dominated by tech platforms. Tech giants, aided by decades of minimal regulation, have scaled to the point at which they are able to adjust their advertising models and adapt to consumer demands faster than most media companies can keep up with.

  • Buzzfeed and Vice, both hoping to soon go public, will miss revenue projections for the year, The Wall Street Journal reports.
  • Mashable, the tech and entertainment digital media outlet founded by Pete Cashmore in 2005, sold to Ziff Davis for just $50 million Thursday, roughly $200 million less than its estimated prior valuation, The Journal also scoops.
  • Oath, the Verizon-owned content behemoth that consists of Yahoo, AOL, HuffPo and more, will soon lay off 560 staffers, per Digiday.
  • Univision, the Spanish language broadcaster, is looking for a minority investor to pour $200 million into Fusion Media Group, the company it purchased just last year that includes Deadspin, The Onion and Fusion TV, Recode reports.

The tech effects have trickled down to other media sectors:

  • Comcast and Verizon are both interested in potentially acquiring 21st Century Fox's entertainment properties, per The Wall Street Journal. It's rumored that Fox's reported interest in divesting its entertainment properties comes in response to Netflix's dominance in the on-demand entertainment space.
  • Meredith Inc., a lifestyle magazine company, has submitted a bid for Time. Inc., The Wall Street Journal reports. The news comes as Conde Nast is reportedly laying off off staffers and shuttering print editions of some of its flagship publications, and weeks after Conde rival Hearst acquired Rodale Inc. Many of these publications have struggled to make up for print declines with digital ad revenues.

Smaller tech platforms aren't immune from the dominant force of the giants. Twitter and Snapchat are both restructuring their apps in an effort to lure more users to meet Wall Street expectations.

The regulatory environment that has helped some of the world's biggest tech companies grow so big is suddenly under the spotlight.

  • The DOJ's antitrust chief, Makan Delrahim, said Thursday that he disapproves of the types of "behavioral remedies" used to broker vertical mergers, like the one between Comcast and NBC Universal in 2011. Delrahim and his colleagues at the DOJ are currently weighing a lawsuit to block a merger between AT&T and Time Warner, and they have yet to approve a merger between Sinclair Broadcast Corporation and Tribune Media company.
  • The FEC unanimously voted Thursday to advance a vote that would strengthen online political ad disclaimer rules. The vote is one of the few times the partisan Commission has voted unanimously on a disclosure issue and comes in response to a lack of policing of spending by foreign actors on tech platforms.
  • The FCC lifted a decades-old rule that limited media consolidation on Thursday, a win for broadcasters and newspapers.

Sound smart: Consolidation in flailing industries is expected, but most of these accounts have emerged in a matter of weeks. There's no question that the media industry is facing unprecedented disruption at this moment.

For scale, below is a chart that shows the ad revenue historically earned by sector compared to Google and Facebook.

Expand chart

Data: eMarketer, Zenith, Google, Facebook; Note: 'Next in line' is: Yahoo, Microsoft/LinkedIn, IAC, Verizon, Amazon, Pandora, Twitter, Yelp, Snapchat, Sina, and Sohu. 'Triopoly' is Alibaba, Baidu, and Tencent; Chart: Andrew Witherspoon / Axios

Correction: This story has been updated to clarify that Mashable sold for $200 million less than its estimated prior valuation.

Go deeper

Latino mental health crisis grows

Shoshana Gordon/Axios

Over 40% of Latino adults have reported symptoms of depression during the pandemic, in contrast to 25% of white non-Hispanics, the CDC reports.

Why it matters: The emotional distress is especially acute for Latinos who had COVID-19, some of them tell Noticias Telemundo.

Misinformation is just one part of a vaccine trust problem

Illustration: Sarah Grillo/Axios

COVID-19 is the first major pandemic in the social media era — offering experts a rare opening to study the relationship between online misinformation and human behavior on a large scale.

Why it matters: As misinformation about COVID-19 vaccines runs rampant, researchers are trying to measure how much memes and messages with false information can alter someone's decision to get vaccinated.

2 hours ago - World

Israel's "change bloc" collapses, leaving Netanyahu in charge

Bennett (L) with Netanyahu in 2015. Photo: Gali Tibbon/AFP via Getty Images

In a dramatic shift that comes amid fighting in the Gaza strip and clashes between Jewish and Arab citizens in Israel, right-wing kingmaker Naftali Bennett has announced he will no longer seek an alternative government to oust Prime Minister Benjamin Netanyahu.

Why it matters: Bennett had been on the verge of a power-sharing deal with centrist opposition leader Yair Lapid that would have made him prime minister for two years until Lapid rotated into the job. Without Bennett, Lapid has no path to a majority, and Israel will almost certainly head for its fifth election since 2019 with Netanyahu still in his post.