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Photo: VENN

The Video Game Entertainment and News Network (VENN) will announce Tuesday a $26 million Series A investment round co-led by BITKRAFT Ventures, an eSports and gaming venture capital firm, as well as Nexstar Media Group, executives told Axios.

Why it matters: The network started out in streaming, but will now be moving some of its shows to linear television through its strategic partnership with Nexstar. Large production networks typically operated in the opposite direction — making shows for linear TV and then selling them to streaming distributors later.

The goal of the raise, VENN's co-founders Ben Kusin and Ariel Horn told Axios, is to help expand and broaden VENN's audience using Nexstar's mass reach.

  • Nexstar is one of the largest U.S. broadcast companies, with 197 television stations in 115 markets across the country. It also has a sizeable digital audience, with over 100 local news sites that collectively see over 100 million monthly uniques.
  • With the deal, Nexstar will secure the right to appoint a member to VENN’s board of directors, as well as exclusive rights to broadcast VENN for local television.

Details: Eldridge, WISE Ventures, Alumni Ventures Group, and the majority of the companies' existing seed investors also participated in the round.

  • VENN raised its $17 million seed round in September when it launched. Its' streaming deals with platforms like Twitch, YouTube and Snapchat
  • With its Series A raise, the company will also announce that Viacom and NBC Sports veteran Jeff Jacobs, will join the company as EVP & General Manager.
  • Jacobs will oversee VENN’s growth and expansion via its content and business operations.

Between the lines: Horn and Kusin both come from gaming backgrounds.

  • Horn was perviously the Global Head of eSports Content and Executive Producer of the League of Legends Championship Series (LCS) at Riot Games. (LCS is one of the biggest global Esports franchises.) Kusin was previously an executive at Vivendi Games which later merged with Activision Blizzard.

The big picture: Esports is one of the fastest-growing segments in sports entertainment. The sector is expected to bring in over $1 billion in revenue for the first time this year.

  • Over the past few months, sports broadcasters have leaned into eSports to fill the programming gaps left from professional sports leagues canceling games.
  • "All of traditional media is trying to make itself more future-proof," Kusin said. "This is an attractive crossover moment."
  • Kusin notes that VENN's investment in quality programming, via a top-of-the-line studio and professional Esports analysis makes VENN's shows "palatable for a TV audience but able to pass muster for a streaming generation."

What's next: The company hopes to announce an international expansion in the near future.

Go deeper: Inside the esports investment boom

Go deeper

Discovery joins Hollywood streaming wars with launch of discovery+

Discovery

Discovery on Wednesday launched its new global entertainment streaming service discovery+ for $4.99 monthly. It will also include a $6.99 monthly ad-free tier in the U.S.

Why it matters: Discovery joins a very crowded field of entertainment streaming services vying for consumers' budgets.

More than a dozen injured in downtown Austin shooting

Police tape in Austin, Texas in 2018. Photo: y Carolyn Van Houten/The Washington Post via Getty Images

A shooting in a busy part of downtown Austin, Texas, early Saturday injured at least 13 people, including two who are in critical condition.

The state of play: Gunfire erupted around 1:30 a.m. along 6th Street, a popular area with bars and restaurants. The suspected shooter remains at large, Austin police said. "It is unknown if there is one, or multiple suspects involved," they noted, adding the shooting appears to be an isolated incident.

Biden to urge G7 to take unified approach to countering China

Photo: Hollie Adams/Bloomberg via Getty Images

President Biden on Saturday is expected to urge fellow G7 leaders to adopt a unified approach to countering China's rising global influence, AP reports.

Driving the news: The G7 leaders are set to unveil a multi-billion-dollar global infrastructure plan aimed at rivaling Beijing's efforts in the developing world.