G/O, formerly Gizmodo Media Group, has no plans to sell its whole portfolio this year, CEO Jim Spanfeller told Axios in an interview, despite a rough year for G/O in 2023 and media in general.

What they're saying: "We're not strapped for cash," Spanfeller said when asked whether the firm plans to raise money if it doesn't sell.

• But if there was an opportunity to bring in a different financial partner "in a way that helps and benefits" G/O Media's parent company, "that's possible," he said.

The big picture: G/O Media, which was acquired by private equity firm Great Hill Partners in 2019, was not profitable in 2023.

• But Spanfeller sees the ad market improving with more economic certainty in 2024.

Details: A report from AdWeek last week suggested the company is shopping around some of its titles after failing to initially find a buyer for the whole holding group.

• Spanfeller said the firm will "chat with people from time to time about possible acquisitions" and sales, but noted that a full portfolio sale isn't expected this year: "I don't think that's in the cards."

Still, something probably needs to happen soon. Spanfeller added that the "use by" date for private equity companies tends to be around six to 10 years. "So we're coming up on that," he said.

G/O Media is now the parent to several niche consumer websites, including Gizmodo, Kotaku, Quartz, The Root, and more. It has been trying to streamline its portfolio for months amid a slowed ad market.

• Today, the firm's business is mostly dependent on advertising, with about 60% coming from direct ad sales and 40% coming from automated sales.
• Given the volatility in the ad market, Spanfeller said his goal is to bring Quartz's membership model to other titles within its portfolio, but a broader blanket paywall strategy likely isn't in the cards.

The intrigue: Like many digital media firms, G/O Media is currently in a heated union battle with a union — in its case, the guild representing The Onion.

• The Onion's union authorized a strike against G/O Media Monday ahead of its contract expiring on Wednesday.
• Spanfeller said the firm is currently at a standstill with the union over G/O's artificial intelligence efforts.

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The Wall Street Journal is planning to restructure its Washington Bureau this week, sources told Axios.

• Some of the people impacted by the small number of eliminated roles will be able to apply for new jobs.
• The reorganization will also move some roles on D.C.'s economics coverage team to New York.
• A spokesperson for WSJ did not comment.

Why it matters: The long-planned restructuring will take place intentionally before the Journal's new Washington coverage chief, Damian Paletta, officially starts next Monday.

• Paletta returns to WSJ after seven years with the Washington Post, where he most recently served as deputy business editor.

The Ankler, the entertainment media startup from veteran Hollywood editor Janice Min and insider columnist Richard Rushfield, has hired David Lidsky as executive editor, Min told Axios.

• It's also struck a deal with LAist, Southern California Public Radio's flagship station and digital news site.

Why it matters: The deal extends The Ankler's reach to a broader entertainment news audience as it looks to double down on Hollywood coverage.

• With Lidsky, Ankler Media now has seven full-time employees and seven contractors, up from two people at launch two years ago.

By the numbers: The duo raised a $1.5 million seed round at a $20 million valuation in June 2022, but has since returned $300,000, Min said.

• "We didn't need it," Min said. "We've never touched it. We've been profitable almost from launch."
• Min said the firm finished 2023 well into mid-seven figures on revenue, both for subscriptions and advertising.

Details: The new deal with LAist will bring The Ankler's reporting to radio, as well as the LAist's website, newsletters and social media accounts, for an estimated combined audience reach of 10 million, per Min.

• The Ankler's journalists will appear on a series of "Entertainment Thursday" programs on LAist 89.3 throughout the day from 5am PT to 6:30pm PT.

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Minute Media, the parent company to sports and entertainment sites like The Players' Tribune and Mental Floss, has raised a new round of funding, valuing the firm at over $1 billion, CEO and founder Asaf Peled told Axios.

Why it matters: Amid an otherwise grim digital media landscape, Minute Media has continually raised cash while also becoming profitable, thanks to its niche focus on digital sports video.

• Of note: The company has also grown amid difficult circumstances. About one-third of its 500 employees are based in Tel Aviv. Many, Peled said, are on active military duty.

Details: The new funding, totaling "tens of millions," closed a few weeks ago ahead of Minute Media's acquisition of SDN Video, a sports streaming platform based in Canada.

• The round saw participation from big institutional investors, including HSBC and BlackRock.

The money, Peled said, was "effectively raised in parallel to the acquisition" to finance the deal, in addition to using Minute Media's equity.

• The deal, reportedly valued around $150 million, marks Minute Media's sixth and largest acquisition to date.
• SDN Video is profitable. All 70 SDN employees will be joining the Minute Media team.

By the numbers: Minute Media became profitable for the first time last quarter. It's generating approximately $300 million in top-line sales, per Peled.

• To date, the company has raised well over $250 million from various strategic investors and private investment firms.

🏈 What to watch: Reports suggest Minute Media could be in the running to acquire the publishing rights to Sports Illustrated, now that The Arena Group's contract with Authentic Brands Group has been terminated.

• A spokesperson told Axios: "Minute Media is in a very favorable acquisitive spot with access to a lot of capital. With that, we are always keeping our eye on what makes sense for the business and our continually growing portfolio."

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The CEOs of Meta, X, Snapchat, TikTok and Discord will testify on Capitol Hill tomorrow about online sexual child exploitation as artificial intelligence intensifies the problem.

Why it matters: It's the first time testifying before Congress for Snap CEO Evan Spiegel, X CEO Linda Yaccarino and Discord CEO Jason Citron.

• Yaccarino has been making the rounds on Capitol Hill for the past week.
• Spiegel and Citron have also been in D.C. prepping.
• Meta's Mark Zuckerberg hasn't testified before lawmakers since his first appearance in 2018.

What to watch: The issue of AI-generated nude imagery is likely to be called out after X was forced to block all searches for Taylor Swift last week due to sexually explicit AI-generated images of the singer circulating on the platform.

Go deeper: Sign up for Axios Pro Tech Policy for more coverage of tomorrow's hearing.

Nearly a dozen mainstream media companies are gutting staff and scrambling to rescue their struggling businesses.

How we got here: Double-digit digital ad growth from 2015 to 2019 was unsustainable. Following four years of pandemic instability, firms are now rightsizing for digital ad growth closer to 5%–8% for the foreseeable future.

• Raising debt is too expensive right now to rely on for saving jobs.
• Private investors have become skeptical of digital media as a strategic investment, following the collapse of what were once considered growth opportunities, like BuzzFeed and Vice.
• Unlike during the pandemic, there are no federal subsidies or PPP loans for smaller outlets.

The big picture: The chaos is fueling a new round of conflict between unions and management as tensions run high.

• Forbes' newsroom union began a three-day walkout. Its CEO announced layoffs later that afternoon hitting roughly 3% of the company.
• Insider announced it was eliminating 8% of its workforce, months after a union strike over a contract impasse with management.
• The New York Daily News editorial union walked off the job Thursday to protest "chronic cuts" by its owner, private equity firm Alden Capital.
• Paramount CEO Bob Bakish warned employees Thursday that the company is planning a fresh round of layoffs.
• The Los Angeles Times planned a one-day, multicity walkout in protest of plans for 115 job cuts. Two top editors resigned, less than two weeks after executive editor Kevin Merida stepped down.
• Condé Nast saw hundreds of union workers walk off the job Jan. 23 to protest hundreds of previously announced layoffs impacting approximately 5% of staff, or roughly 300 people.
• Sports Illustrated's newsroom was gutted by sweeping layoffs. The outlet's union filed an unfair labor practice charge with the NLRB Monday following the layoffs.

Several media companies are also trying to sell some of their most recognized brands to free up cash:

• BuzzFeed is having conversations about selling two of its premier brands, Complex and Tasty.
• Red Ventures is trying to dump CNET.
• Paramount is having conversations with multiple potential buyers or merge partners, including Warner Bros. Discovery and Skydance Media.

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The IPO market for companies connected to the media space is coming back to life, Axios' Tim Baysinger writes.

Why it matters: The IPO market has been thawing as economic conditions improve, but recent history has not been kind to media IPOs.

• Flutter Entertainment, the Dublin-based owner of U.S. online sports betting leader FanDuel, debuted its listing on the New York Stock Exchange this morning. Shares opened at $205 and were trading around $207 this morning.
• Reddit is prepping its IPO in March and could target a valuation as high as $5 billion, Bloomberg reported yesterday.

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The New York Times' puzzles and games were played more than 8 billion times in 2023, Axios' Alex Fitzpatrick reports.

• Wordle led the way with a whopping 4.8 billion plays.
• The NYT Games app had 10 million downloads.

Why it matters: Offerings beyond news — such as cooking and product recommendations — are increasingly central to the Times' ability to grow amid a bloodbath in the broader journalism industry.

What to watch: A Games app redesign is on the way.

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