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!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

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!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

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!

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.

Updated 12 mins ago - Science

China launches first astronauts to new space station

The manned Shenzhou-12 spacecraft from China's Manned Space Agency onboard the Long March-2F rocket launches at the Jiuquan Satellite Launch Center in Jiuquan, Gansu province, China, on Thursday morning Beijing time. Photo: Kevin Frayer/Getty Images

China's Shenzhou 12 mission carrying three astronauts launched into orbit on Thursday morning Beijing time.

Why it matters: Astronauts Nie Haisheng, Liu Boming and Tang Hongbo are set to occupy China's new space station. This will be the country's longest crewed space mission ever and the first in almost five years.

Biden's two-step negotiating process

President Biden departs Geneva. Photo: Martial Trezzini/Pool/AFP via Getty

President Biden's summit "reset" was less about trying to make a friend out of Russia than reframing what the U.S. believes can be accomplished by engaging with President Vladimir Putin.

Driving the news: The Geneva meeting yielded no immediate breakthroughs beyond agreements about ambassadors returning to work and plans to launch talks on nuclear security. But in classic Biden fashion — aviators on, jacket off and a one-liner about invading Russia he had to clarify was a joke — the U.S. president used a post-summit news conference to explain his approach.