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Steve Bannon on the cover of TIME, and Comcast's logo. Photos: Mark Lennihan and Jeff Fusco / AP

A wave of consolidation in every sector of the media industry shows how much media companies are struggling to keep up with the pace and scale of technology companies.

Why it matters: 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.Digital media companies that rely mostly on digital advertising revenue are struggling to keep up with Google and Facebook's advertising machines. Both companies reported record earnings last month, while many of even the biggest digital outlets still struggle to make profit or grow.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 on Thursday, roughly $200 million less than its estimated prior valuation, per the WSJ.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. An email obtained by Axios from Fusion CEO Felipe Holguin last week says the company plans on being profitable in 2018, making the move less about cash and more about strategy.Oath, the Verizon-owned content behemoth that consists of Yahoo, AOL, HuffPost and more, will soon lay off 560 staffers, per Digiday.The Daily Beast president, emailed staff after a CNN report about sale talks, saying it often fields inquiries "from third parties looking to talk about purchases, sales, or investments." Defy Media and Uproxx Media are also considering sales, according to Bloomberg.The tech effect has also bubbled down to legacy media outlets that are trying to find ways to subsidize migrating user interest from linear TV and print to digital. In print:Meredith Inc., a lifestyle magazine group, has submitted a bid for Time. Inc., The Wall Street Journal reports.Conde Nast is laying off off staffers and reportedly shuttering print editions of some of its flagship publications, like Teen Vogue.Hearst acquired Rodale Inc. two weeks ago in an attempt to scale its lifestyle footprint.Rolling Stone legend Jann Wenner is finalizing an auction for his majority stake the magazine he founded in 1967, Recode reports.Forbes is cutting back from 14 annual issues to 10 in 2018 as it focuses more on digital and mobile, per Talking Biz News.In TV: Comcast and Verizon are both reportedly interested in 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.AT&T is preparing to fight the DOJ to win a merger with Time Warner. Discovery Communications acquired Scripps Networks for $14.6 billion in July, creating the largest lifestyle/entertainment TV merger this year.Sound smart: While the problems plaguing digital ad economics have existed for years, most of these consolidation efforts have emerged in a matter of weeks. There's no question that the media industry is facing unprecedented disruption at this moment.

Go deeper

29 mins ago - World

Brazil begins distributing AstraZeneca coronavirus vaccine

Containers carrying doses of the Oxford/AstraZeneca vaccine arrive in Brazil. Photo: Maurio Pimentel/AFP via Getty Images

Brazil on Saturday began distributing the 2 million doses of the AstraZeneca coronavirus vaccine that arrived from India Friday, Reuters reports.

Why it matters: Brazil has the third highest COVID-19 case-count in the world, according to Johns Hopkins University data. The 2 million doses "only scratch the surface of the shortfall," Brazilian public health experts told the AP.

Sullivan speaks with Israel's national security adviser for the first time

Israeli national security adviser Meir Ben Shabbat U.S. Photo: Mazen Mahdi/Getty Images. U.S. national security adviser Jake Sullivan. Photo: Chandan Khanna/Getty Images

U.S. national security adviser Jake Sullivan spoke on the phone Saturday with his Israeli counterpart Meir Ben Shabbat, Israeli officials tell Axios.

Why it matters: This is the first contact between the Biden White House and Israeli prime minister's office. During the transition, the Biden team refrained from speaking to foreign governments.

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.