Axios Pro: Media Deals

September 16, 2022

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Happy Friday, and welcome back to our weekly digest.

Situational awareness: ByteDance plans to buy up to $3 billion of stock, signaling the Chinese owner of TikTok will kick its IPO down the road, Dan Primack writes.

🎙 Check out "How it Happened": Elon Musk vs. Twitter — Axios' new podcast docu-series about how Musk built his empire, the rise of Twitter and what the collision between the two could mean for us all. Listen here.

This newsletter was edited by Michael Flaherty.

1. Third Point backs off ESPN spin pressure

Illustration: Aïda Amer/Axios

Sept. 12 — Disney CEO Bob Chapek reiterated his company's plan to keep ESPN and said he hopes to grow the business with sports betting. Dan Loeb of activist hedge fund Third Point tweeted his support.

Why it matters: The exchange revealed how the two sides managed to get aligned when it comes to ESPN, after Loeb initially pushed for a spinoff, Kerry wrote. But that wasn't the only item on his list of complaints.

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