Media Trends Executive

Media Deals

Media Trends

Axios Media Trends

Sports, live events, original IP and proprietary data represent the hottest assets in media right now. 

Why it matters: The next wave of media deals is not just about owning content, but using scarce assets to drive fandom and then owning and optimizing that customer relationship.

The big picture: Bankers Axios spoke to overwhelmingly agree that appointment-based experiences hold the biggest premium in live IP today.

While teams, talent and IP sit at the heart of that business, industries that support live events, such as venues, ticketing, production tech and event hospitality, are also considered hot targets.

Professional teams, emerging leagues and sports-adjacent businesses are attracting capital from billionaires and private equity firms.

A group led by Josh Kushner and Bob Iger agreed to acquire the Los Angeles Lakers at a record $12.5 billion valuation.

KKR invested in MLS Next Pro in April to help develop stadiums, expand into new markets and create new club brands.

WWE and UFC parent TKO acquired event hospitality provider On Location as part of a $3.25 billion deal last year.

Deal to watch: Fenway Sports Group is among the parties reportedly discussing a stake in the Cadillac Formula One team. Liberty Media is buying back shares from John Malone that could make a future sale of Formula One easier.

Reality check: Women's teams and new leagues are especially hot because they remain undercapitalized compared to men's. They offer streamers and media networks cheaper programming compared with original scripted content and growing fanbases, which has helped boost women's media rights deals.

Gotham FC announced a $100 million raise last week. Unrivaled, the 3:3 basketball league, LOVB, the professional women's volleyball league and the Professional Women's Hockey League have attracted private equity, venture and strategic capital.

Deal to watch: Billionaire Mark Walter is reportedly seeking more than $700 million for the Los Angeles Sparks and the team's new practice facility. A deal that size could set a record for a women's basketball franchise sale.

Venues and events offer entertainment that can't easily be replaced by AI-generated content.

"If you think about the shift towards live and experiential, there's probably no better positioned company than The Sphere," says Rich Greenfield, partner at LightShed Partners. The company, which is controlled by the Dolan family, is rapidly expanding its footprint.

Sony Pictures invested $100 million in Cosm in June, taking a minority stake in the immersive entertainment company.

Mubadala Capital completed a $6.2 billion take-private acquisition of Clear Channel Outdoor last month.

What to watch: IMAX has reportedly explored a sale amid growing demand for premium theatrical experiences and a larger share of box office revenue.

DirecTV, which was spun out from AT&T fully last year, remains an independent company after failing to merge with satellite rival Dish. A buyer could leverage its digital MVPD to compete against YouTube TV. 

Between the lines: Experiences that aren't tied to scarce events, such as Dave and Buster's, Six Flags or SeaWorld, aren't attracting as much investor interest, but could be rolled up into a broader portfolio that would take them off the public market, says Alex Michael, senior managing director and global head of sports and entertainment at investment firm and merchant bank LionTree.

Catalogs and recognizable franchises can generate revenue across streaming, licensing, merchandise and live experiences.

Paramount's combination with Warner Bros. Discovery brings together major film and TV studios, franchises and content libraries.

BMG and Concord completed their combination in September, creating a larger music rights business.

Deal to watch: Lionsgate has attracted takeover interest, including a reported offer from Legendary.

NBCUniversal is poised to become a buyer in the market once it's spun out from Comcast.

Entertainment giants continue to mostly license games rather than invest in building games themselves.

"It's astounding that no one has bought Take Two," Greenfield said, noting the company has no controlling shareholder and owns some of the world's largest entertainment franchises, including Grand Theft Auto.

Analysts and investors have argued Roblox should be taken private by a bigger company like Meta or Nintendo that could benefit from its reach and young audience, but its co-founder and CEO David Baszucki is the company's controlling shareholder and doesn't appear eager to sell. 

Businesses with proprietary consumer information and direct customer relationships improve advertising and commerce.

Publicis Groupe completed its $2.2 billion acquisition of LiveRamp last week.

Infillion acquired Foursquare in September, adding location intelligence to its ad tech business.

Deals to watch: Letterboxd has reportedly attracted several buyers, including A24 and the New York Times. 

Yahoo, Greenfield said, stands out because of its first-party data and the growth of its demand-side platform. "My guess is something [happens] over the next two years. I'd be shocked if Yahoo isn't acquired."

The bottom line: "I fundamentally believe in the analog trade — in the anti-AI trade, the real-life trade," LionTree's Michael says.

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Sports, live events and data are media' hottest deal targets

Sports, live events, original IP and proprietary data represent the hottest assets in media right now.

Illustration of a pattern of binary ones and zeros, each one has a price tag on it. 

Illustration: Aïda Amer/Axios. Stock: Getty Images

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Sports, live events and data are media' hottest deal targets

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