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BFD Expert Voices - Media Deals

Media Deals Thought Bubble

Jan. 30 — The News Movement, a video news startup with offices in London and New York, has acquired The Recount for an undisclosed amount of equity.

Why it's the BFD: The deal expands the acquirer's presence in the U.S. and rescues The Recount, which had laid off a large portion of its staff last year and was prepared to shutter, Kerry wrote.

Read the rest of this article and Monday's newsletter 

Plus: Monday's Pro Rata, on regulatory oversight of TikTok and Paradigm's Series A.

1. The Recount's new owner

Jan. 31 — SXM Media, the sales group of Sirius XM Holdings, has renewed its U.S. ad-sales deal with SoundCloud through at least 2024, the company exclusively told Kerry, in a move to grow revenue for both audio platforms.

Why it matters: SiriusXM, which bought a $75 million minority stake in SoundCloud in 2020, will continue splitting the ad revenue between the two companies, according to the agreement. 

The deal aligns with the company's strategy to be a leader in audio ad sales amid stiff competition for listeners and subscription dollars. 

Read the rest of this article and Tuesday's newsletter 

Plus: Tuesday's Pro Rata, on Lotus Technology's $5.4 billion public listing.

2. SiriusXM's new deal

Jan. 31 — Paramount is even more of an acquisition target after its move to merge Showtime with Paramount+, Tim wrote. 

Why it's the BFD: Paramount has long been seen as a top M&A target ever since Shari Redstone brought Viacom and CBS back together in 2019. 

Of note: Any deal for Paramount would be tricky, given how closely the business is still tied to the fading legacy cable bundle with CBS and cable networks like MTV and Nickelodeon. 

3. Flipping the M&A channel

Feb. 1 — Constellation, a New York-based marketing tech company, has secured $15 million from Newlight Partners, the company told Kerry exclusively. 

Why it matters: The firm stands out for its focus on highly regulated industries, and it plans to use the funding to double headcount to 300 and explore acquisitions.

Read the rest of this article and Wednesday's newsletter 

Plus: Wednesday's Pro Rata, on a Subway founder's charitable donation. 

4. Constellation round 

Constellation cofounders Nauman Hafiz, Diana Lee and Matt Woodruff. Photo: Adrian Bayona

Feb. 1 — The NCAA has picked Endeavor's Karen Brodkin and Hillary Mandel to advise on its next media rights deal, Sports Business Journal reports. 

Why it's the BFD: ESPN has paid the NCAA roughly $40 million annually, per the SBJ, during their current 12-year deal, which expires following the 2023-24 school year. 

Of note: The NCAA is considering a major change with its next rights deal by unbundling many of its championships, most notably the Women's Basketball tournament, Tim wrote.

5. NCAA taps advisers for media rights sale

Illustration: Aïda Amer, Sarah Grillo/Axios

Feb. 2 — Meta has a green light to buy virtual reality fitness startup Within, a U.S. District judge ruled in California, beating a Federal Trade Commission bid to block the acquisition.

Why it's the BFD: The ruling is a blow to FTC chair Lina Khan's antitrust agenda. Khan has aggressively pursued blocking mergers by larger companies, especially in the tech industry, Ashley Gold reported.

Read the rest of this article and Thursday's newsletter 

Plus: Thursday's Pro Rata, on Stripe's fundraising plans.

6. Meta's VR win

What we're watching: Trian Partners' proxy fight against Disney is in full-on attack mode, with the activist hedge fund naming its board target this week and the company responding with a staunch and lengthy defense. A peace settlement doesn't look likely at the moment. Stay tuned. 

🙏 Thank you for reading us this week. 

🏛 Axios employees will be gathering in D.C. next week for our annual off-site. We'll still be sending our newsletter, though it may be streamlined on Monday, Tuesday and Wednesday. Have a great weekend. — Michael Flaherty, editor

February 03, 2023

1. The Recount's new owner