January 18, 2023
Good morning, Media Deals readers!
🎧 Out now: "Elon Musk vs. Twitter Part V: Cracks in the Empire." The season finale examines Musk's first months as CEO of Twitter and the unique challenges facing each of his companies. Listen.
Media erratum: We made a mistake in the disclosure on our Tegna story yesterday. Axios is owned by Cox Enterprises, not Cox Communications.
1 big thing: Lightspeed's gaming push
Lightspeed Venture Partners has hired Moritz Baier-Lentz as a partner and its head of gaming as the firm formalizes its investment practice in the gaming industry and expands its presence in Los Angeles.
Why it matters: The multibillion-dollar gaming industry continues to grow and thrive with mega-mergers, the success of new studios and the rise of new platforms and technologies.
- "There are very healthy fundamentals here with generational tailwinds," Baier-Lentz tells Kerry. "Every person who grows up today grows up with gaming."
Catch up quick: Lightspeed hasn't had a dedicated gaming team until now, but it has a long history of investing in the sector. Since 2006, it's invested more than $300 million of capital and made more than 30 investments in the gaming industry.
Details: Baier-Lentz is a former professional gamer. He worked as a vice president at Goldman Sachs, starting and co-leading its global gaming practice. In 2020, he joined Bitkraft Ventures, a gaming-focused firm, as a partner.
- Baier-Lentz says the job happened "serendipitously." The opportunity arose after he ran into Lightspeed partner Nicole Quinn at a yoga class while vacationing in Greece.