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The NFL will partner with "Top Gun: Maverick" studio Skydance Media on a sports-related content venture, the league announced yesterday. 

Why it matters: The NFL is beefing up its content output as it looks to find a buyer for a stake in its media business, Tim writes.

The NFL had been looking for a studio partner to help it tap into the red-hot sports documentary space and move beyond the gridiron. NFL Films is considered the gold standard among sports production houses. 

NFL Films and HBO have had a long and fruitful partnership with the "Hard Knocks" series, which follows a single team throughout training camp. An in-season version debuted last year.

Details: The joint venture will be funded by the league's investment arm, 32 Equity, and Skydance. Terms were not disclosed. 

The majority of the content will be produced through Skydance Sports, which launched earlier this year. 

Skydance Sports recently completed production on its first two projects for Amazon Prime Video: the soccer docuseries "Good Rivals" and an untitled Michael Jordan film starring Ben Affleck and Matt Damon, which was directed by Affleck.

The big picture: The NFL is in the middle of selling a stake in its media business and finding a new home for its Sunday Ticket package, both of which have drawn on longer than many expected.

Apple and Amazon are widely seen as the leaders there, with Google and Disney also in the mix at various points. 

Apple — which partnered with MLB for its first sports rights deal last season — has long been viewed as the favorite, but those talks have reportedly hit snags. 

1 big thing: The NFL's new Top Gun

Illustration of a ticket that looks like a football field.

Ticketmaster extended presale tickets for Taylor Swift's upcoming Eras Tour and rescheduled another presale after Swifties drove historic demand and caused significant technical problems yesterday.

Why it's the BFD: The ticket frenzy and flap puts a spotlight on critics of the company, following last month's move by an activist group that urged the Department of Justice to unwind the merger of Ticketmaster and LiveNation amid price-gouging accusations, Kerry writes. 

Driving the news: A multistep process limited how many people could snag tickets to Swift's first tour in five years, which led to ticket scams and outages. The technical issues once again raised concern from consumers about the company's control over ticketing.

What they're saying: "Daily reminder that Ticketmaster is a monopoly, [its] merger with LiveNation should never have been approved, and they need to be reigned in. Break them up," Rep. Alexandria Ocasio-Cortez tweeted. 

Yes, but: Swift's tour is not promoted by LiveNation but instead by AEG and Messina Touring Group, Ticketmaster said in a statement to CBS. 

Also, not all tickets were distributed by Ticketmaster — Seat Geek executed sales for some venues.

💭 Kerry's thought bubble: Despite signing on with presale codes as soon as tickets became available, two friends and I failed to secure tickets. It was a painful day to be a Swiftie, and Ticketmaster's issues didn't make it any easier. 

2. The BFD: Ticketmaster's power

Taylor Swift accepts an award onstage during the MTV Europe Music Awards 2022. Photo: Jeff Kravitz/FilmMagic

Getting a corporate deal done in the current climate isn't impossible. But it will require patience, creativity and some banking jiujitsu, a panel of advisers said last week at the Berkeley Forum on Corporate Governance.

Why it matters: Deal volumes dropped 55% in Q3, according to Refinitiv, meaning options for some struggling companies to survive are dwindling, Michael Flaherty writes.

Yes, but: Opportunistic buyers are dusting off target sheets and preparing to scope out cash-heavy, lending-light candidates.

For now, uncertainty is keeping them at bay, said the panelists, who gathered in San Francisco with a roomful of mostly deal lawyers.

"Investors keep waiting for another shoe to drop," said panelist Brittany Skoda, Morgan Stanley's global head of software banking. She said they're asking if there's something missing, and if it's going to get worse. "It feels increasingly that the answer to that question is yes."

She added that the big question for the software industry is where IT budgets are being set for 2023.

Of note: Steve Lipin, CEO of Gladstone Place Partners, said well-capitalized buyers are getting ready to make a move. But he echoed the view that volatility continues to keep CEOs from pouncing, as budgets and belt-tightening are their main focus.

"Fast firing has replaced quiet quitting," he said.

Zoom in: SPACs that went public with a flare, and quickly saw their value fizzle, offer buying opportunities.

"There's a large number of de-SPAC companies, that, their viability as standalone entities are questionable. And they're very cheap," said deal lawyer Ed Batts, a Gibson Dunn partner.

"The interesting thing about de-SPACs is that, unlike prior cycles, it's very easy to understand where they're at. They all started at $10. If they're at 78 cents, you know there's been a significant depreciation," Batts added.

3. Deal advisers forecast cloudy skies ahead

Speaking at the Berkeley Forum are (from left) Rachel Proffitt, Steve Lipin, Ed Batts and Brittany Skoda. Photo: Michael Flaherty/Axios

Payload, a headless open source CMS, raised $4.7m in seed funding. Gradient Ventures led, and was joined by YC, MongoDB Ventures, SV Angel, Grand Ventures and Exceptional Capital. https://axios.link/3TJj6cy 

4. Deal flow

Upgrade Productions hired Akshay Mehta as EVP, content strategy and business development, and Vanessa Saal as EVP, production and distribution. https://axios.link/3tuX5DE

Paramount hired former DC Films boss Walter Hamada to oversee the studio's horror film slate. https://axios.link/3TySBql

5. Movin' on up (or out)

Protocol, the tech-focused website from Politico, to shutter (Axios)

"In the note to staff, Politico CEO Goli Sheikholeslami said Politico's management explored several options about what to do with Protocol, including 'continuing to operate Protocol as a standalone company or potentially integrating it into other brands in the Axel Springer portfolio,'" Sara Fischer and Tim write.

Ad market worse than during lows of the pandemic, says Warner Bros Discovery CEO David Zaslav (CNBC)

"Zaslav's comments signal a change in rhetoric from large traditional media executives who generally said this summer that advertising slumps weren't significant for them even as digital media players saw a pullback," Alex Sherman writes.

"Walking Dead" producers file new $200-million lawsuit against AMC Networks (LA Times)

"A group of producers, including the creator of the comic book series, Robert Kirkman, first sued AMC in 2017 over how it calculated profits from the show, but most of their claims were rejected by the court. On Monday, the producers renewed their claims in Los Angeles Superior Court, suing AMC Networks for breach of contract over the zombie series and its prequel, 'Fear the Walking Dead,'"Anousha Sakoui writes.  

6. Channel surfing

Illustration of a pair of sunglasses with lenses that look like tv screens.

🗓️ Situational awareness: Join Axios Pro today at 12:30pm ET for an event on the measurable impact of marketing and the evolution of the creator economy, featuring AB InBev global chief marketing officer Marcel Marcondes and Spotter founder and CEO Aaron DeBevoise. RSVP here. 

@tim_bays: "Help! I Wrecked My House" on HGTV. Every episode makes you wonder how some people are able to even exist in the world. 

@kerrymflynn: "Mike Birbiglia: The Old Man and the Pool" at Lincoln Center Theater. My sister's in town and got us tickets to this "harrowing tale."

✏️ Thanks to Michael Flaherty for editing and Katie Lewis for copy editing this newsletter.

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November 16, 2022

1 big thing: The NFL's new Top Gun