All Access

Media Deals

Media Deals Alerts

Alert

Standard

Media Deals Thought Bubble

Thought Bubble

mustard

BFD Expert Voices - Media Deals

BFD Expert Voices

topics

politics-policy

epstein-files

donald-trump

2026-midterm-elections

immigration

behind-the-curtain

race-and-equity

technology

privacy-tech-regulation

automation-and-ai

tiktok-news

big-tech

social-media

cybersecurity

economy

social-security

inflation

tariffs

federal-reserve

jobs

transportation

business

stock-market-news

retail-news

crypto

media

elon-musk

dealmaking

health

rfk-jr

drug-prices

axios-explains-abortion

public-health

world

israel

axios-explains-ukraine

iran

russia

china

energy-climate

nuclear-energy

climate-energy-policy

climate-change

extreme-weather

alternative-energy

electric-vehicles

science

emerging-tech

biomedicine

newsletters

pittsburgh

atlanta

san-diego

charlotte

boulder

washington-dc

kansas-city

dallas

denver

detroit

des-moines

austin

boston

chicago

cleveland

columbus

houston

indianapolis

miami

nashville

new-orleans

nw-arkansas

philadelphia

phoenix

portland

richmond

salt-lake-city

san-antonio

san-francisco

seattle

tampa-bay

twin-cities

raleigh

huntsville

axios-local

axios-pro

axios-live

the-axios-show

Correction: The production spend values were updated with correct figures. Data: The Georgia Film Office; Chart: Erin Davis/Axios Visuals

Georgia's thriving film and TV production business is unlikely to be threatened over the state's stance on abortion rights, Tim writes.

Why it matters: Georgia's extremely generous tax breaks have turned it into a production powerhouse over the past 15 years. That's exactly why it's so hard for Hollywood to decouple from the Peach State when it comes to the abortion issue.

It doesn't hurt that Democratic gubernatorial candidate Stacy Abrams, who has numerous Hollywood backers, has come out against a production boycott, arguing it would only harm workers.  

Catch up quick: Last month, a federal appeals court allowed Georgia's ban on abortions after six weeks to take effect. The so-called Heartbeat Bill was passed in 2019 but was struck down in 2020 for two years.

Back then, multiple studios threatened to move production to other states over the bill. So far, that hasn't happened. 

Since the Supreme Court weighed in on Roe, studios and their parent companies have largely been silent, other than to come out against the overturn and to promise to cover abortion-related travel as part of employee health benefits. 

Many in the industry are pushing for stronger safety protocols for pregnant employees who are working in states that have outlawed or will outlaw abortion.

The big picture: Georgia's tax program is one of the most generous in the country with no annual cap and tax breaks as high as 30%. In 2021, Georgia handed out $1.2 billion in incentives to studios, the most of any state.  

By the numbers: Georgia has rebounded well from the early days of the pandemic, when production shutdowns across the industry cut short what was on pace to be a record year for fiscal year 2020, according to the state.

It's up more than 50% from the $2.9 billion that was spent in 2019, the last full pre-pandemic fiscal year. 

The $4.4 billion in production spend in fiscal year 2022 was a record for the state. Production spend is up by more than 47 times since the tax program started in 2008.

Editor’s note: The chart was corrected to show revenue was measured in billions. For instance, in 2022, production spend was $4.4 billion, not $4.40.

1 big thing: Georgia's filming boom and the abortion issue

This chart on NFL team valuations from Axios' Sports Jeff Tracy, with data from Sportico, got us thinking about some potential NFL deals in the making. 

Why it's the BFD: The pending Denver Broncos sale will be a U.S. sports franchise record at $4.65 billion. But that could be broken by another NFL team that comes to market, Tim writes.

Between the hashmarks: The Cincinnati Bengals find themselves last in the league, despite making it to their first Super Bowl in 33 years.

According to Forbes' annual list, the last five Super Bowl losers saw their value increase between 3% and 19%.

What's next: It will likely be another handful of years before the next NFL team puts out the "for sale" sign.

Yes, but: There are two potential candidates — Seattle Seahawks and Washington Commanders — that are worthy of dealmakers' attention.

The Seahawks' future has been up in the air since owner Paul Allen's death in 2018. Allen's sister, Jody, has been managing the Paul G. Allen Trust since his death and has signaled that she has no intention of selling.

That trust includes the NBA's Portland Trail Blazers. Portland-based sports journalist John Canzano reported Allen stipulated his trust be liquidated upon his death.

Commanders owner Dan Snyder faces congressional scrutiny over the team's history of workplace misconduct. At some point, it's fair to wonder whether the league's other owners will force Snyder to sell.

2. The BFD: NFL team sales

Data: Yahoo Finance; Chart: Erin Davis/Axios Visuals 

Some of the top media companies have seen their stocks get hammered during the summer amid the months-long economic downturn, Tim writes.

Why it matters: Earnings season has been brutal for media companies so far. Nobody expects it to get any better anytime soon.

What's next: Paramount and Warner Bros. Discovery will report their quarterly earnings on Thursday. Disney is set for next week. 

WBD execs are expected to finally share their streaming plans for HBO Max and Discovery+.

💭 Tim's thought bubble: You know it's bad when Netflix's losing fewer subscribers than expected is viewed as a win.

3. Charted: Media stocks' summer chill 

Cox Media Group and INSP closed the sale of Cox's TV stations in 12 markets to Imagicomm Communications. https://axios.link/3zKDd3p

Antin Infrastructure Partners agreed to buy Wildstone, a London-based owner of outdoor media infrastructure, from DigitalBridge Group. https://axios.link/3zOg8g6

Deluxe Media acquired German dubbing outfit Creative Sound Conception Studio and will rebrand it as Deluxe Germany. https://axios.link/3p6EoEl

4. Deal flow

Nicholas Kristof is returning to The New York Times after a failed Oregon gubernatorial bid. https://axios.link/3OYaOve

Nexstar signed a multi-year contract extension with CEO Perry Sook through to March 2026. https://axios.link/3PUC9zI

Sky appointed former Warner Bros. TV Deutschland executive Tobias Rosen as VP at Sky Studios Deutschland. https://axios.link/3Jqvx9v

Kelly Webb-Lamb, former Channel 4 deputy director of programs, launched Mothership Productions. https://axios.link/3vrRSOb

Telemundo Enterprises hired Sandra Smester as EVP of programming and content development. https://axios.link/3cWEITb

Endeavor Content hired AMC Networks' Kasee Calabrese as EVP and CFO. https://axios.link/3oNAYG9

Brillstein Entertainment Partners hired ICM Partners' Daniel Cohan as a manager. https://axios.link/3bp8kbm

National Geographic Content named Elita Fielder Adjei as VP of corporate communications. https://axios.link/3bnpJBj

Amazon tapped YouTubers Dude Perfect to host an alternate stream for Thursday Night Football. https://axios.link/3Jnzbku

5. Movin' on up (or out)

Crypto crash leaves NWSL players empty-handed as league mulls cash payout (Sportico) 

"The NWSL has told its players that they could be out money after cryptocurrency platform Voyager Digital, one of the league's biggest partners, filed for bankruptcy earlier this month," Eben Novy-Williams and Emily Carron write.

The disastrous record of celebrity crypto endorsements (Bloomberg)

"Months into a rout for crypto assets, the full extent of the financial pain suffered by millions of everyday Americans is still being calculated. What's clear, though, is that scores of celebrities touted the life-changing power of crypto investing at the worst possible time — just as the speculative mania was approaching its peak," Immanuel John Milton writes. 

Inside the one newsroom the NewsGuild failed to unionize (Poynter)

"A union, Outside argued, would jeopardize the company's ability to attract funding from venture capital firms. At stake was not just the jobs of the editorial staff, but the entire company. ... Not wanting to be responsible for the potential loss of hundreds of jobs, the magazine staff withdrew their petition for an NLRB election," Angela Fu writes. 

6. Channel surfing

Illustration of a surfer with a television in the place of his head.

🗣️ Quote of the day: "We've had a very collaborative and engaged dialogue with Elliott recently," Pinterest CEO Bill Ready said yesterday, calling the activist investor "supportive" of his team. All eyes on Elliott Management's patience level. 

@tim_bays: "Black Bird" on Apple TV+. I'm at the point where I'll probably give any Apple series a try. 

@kerrymflynn: "Sing 2" on Netflix. My wedding dress designer, who watches many kids' movies as a mom, said it's a good one for adults, too. 

Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and Broncos fans to sign up.

August 02, 2022

1 big thing: Georgia's filming boom and the abortion issue