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TPG-backed media firm Fandom is planning to invest more in content, commerce and events, CEO Perkins Miller tells Kerry.

Why it matters: Despite market conditions and the ad slowdown, Fandom has its eyes on acquisitions of collectibles businesses and other digital media sites.

What they're saying: Speaking from Fandom's New York office in a conference room themed after Cyberpunk's Night City, Miller says Fandom is "pretty active in conversations" about potential deals, though "nothing is on the table" yet.

"We have to be quite selective because we're on this mission that's very specific [with] fan identity," Miller says. "We want to maintain that profitable growth trajectory that we're on."

Catch up quick: Previously known as Wikia, Fandom was founded in 2004 by Wikipedia co-founder Jimmy Wales. Integrated Media, an investment firm backed by private equity firm TPG, acquired Fandom in 2018, valuing it at around $200 million. 

The company is focused on fan communities of movies, TV shows, games and anime.

Fandom has made several acquisitions to date, including Screen Junkies from Defy Media and Curse Media from Amazon's Twitch in 2018. Last year, Fandom acquired seven media brands from Red Ventures, including TV Guide. 

Of note: Collectibles is on its M&A wish list.  

Fandom recently partnered with Displate, a Poland-based art manufacturer, on a set of Star Wars posters.

"People like me — I'm a technologist — get ahead of ourselves thinking everything's going to be virtual," Miller says. "In reality, people do like tangible stuff."

Meanwhile: Miller says Fandom hopes to grow its events business, which includes its annual Community Connect event and a party at San Diego Comic-Con. In 2021, it partnered with Showtime for the New York premiere of Dexter. 

Fandom is also eyeing more subscription content and services. 

By the numbers: Miller declined to disclose revenue but said the EBITDA margins have been "several times" improved. The company is profitable, he says. 

Traffic is up about 20% since 2019, Miller says, with 350 million monthly unique visitors across its sites. 

Fandom has 40 million pages of content on its platform created by hundreds of thousands of creators and has 250,000 creator communities. 

1 big thing: Fandom's growth plans

photo illustration of fandom CEO perkins miller surrounded by shapes tv static and video game control buttons

Photo illustration: Tiffany Herring/Axios; Photo: courtesy Fandom

Prospective bidders are lining up at a chance to buy Manchester United, which should be one of the most-watched sports sales in years, Tim writes.

Why it's the BFD: It's not a matter of if Manchester United will exceed the record $5.2 billion that Chelsea F.C. got — but by how much.

The Glazer family has put the floor at 5 billion pounds, which would be over $6 billion.

The latest: Two prospective suitors have publicly made themselves known, with more said to be involved. 

Sheikh Jassim Bin Hamad Al Thani, the chairman of the Qatar Islamic Bank and the son of the country's former prime minister, confirmed his bid on Friday. 

One day later, Ineos chairman Jim Ratcliffe made his offer known.

Interest from Saudi Arabia has also been reported — though no confirmed bid has come in yet. Elliott Management is also said to be willing to help finance a bid from a U.S. investor. 

The intrigue: Both of the known bids will face scrutiny over UEFA rules that prohibit two clubs with the same owner from competing in the same competition, such as the Champions League.

Ratcliffe already owns French club OGC Nice, while France's Paris-St. Germain is owned by the Qatari's sovereign wealth fund. While Sheikh Jassim's bid is reportedly separate, his relationship to the Qatari royal family could create skepticism that his bid is truly separate. 

2. The BFD: Man U suitors storm the pitch

Data: Yahoo Finance. Chart: Axios Visuals

It's been one year since former President Trump launched his Twitter rival Truth Social, and despite a slew of serious business and legal challenges, the app has proven that Trump can still attract a relatively small but loyal audience online, Sara writes.

Yes, but: It seems unlikely that Truth Social's audience will grow big enough to achieve the lofty business goals that its parent company mapped out as a part of its pitch to investors. 

Why it matters: Truth Social's future is contingent on its commercial success, as well as the outcome of ongoing government investigations.

Shareholders in Digital World Acquisition Corp. (DWAC), the blank-check company trying to take Truth Social public, now have until September to decide whether to merge with Truth Social's parent to take it public. 

3. Charted: Truth Social's first year

Strider, a New York-based collaborative storytelling startup, raised $5.5m in a seed funding led by Makers Fund and Fabric Ventures, with Shima Capital, Sfermion, Magic Eden and others also participating. https://axios.link/3Sii4Fc

Unagi, a web3 gaming startup, raised €4.7m in seed funding. Sisu Game Ventures led, and was joined by Sfermion, UOB Ventures, Signum Capital, 2B Ventures and Machame. https://axios.link/3IfSVqq

Penn Entertainment completed its acquisition of Barstool Sports, paying $388 million for the 64% stake it did not already own. https://axios.link/3kjwLva

U.S. News & World Report acquired personalized college advising platform CollegeAdvisor.com from IMG Academy's NCSA. https://axios.link/3IjhSkA

777 Partners of Miami is considering an investment in Premier League club Everton FC, per Bloomberg. https://axios.link/3IakTn7

Rogers Communications extended the closing deadline for its C$20b merger with Shaw Communications for the fourth time. The new date is March 31. https://axios.link/3EhQ9Qd

Arctos, a private equity firm focused on the sports industry, closed $2.5b for its second fund. https://axios.link/3IlqsPF

APA signed a strategic partnership with Europa Content, Marc Gerald's boutique literary and production company. https://axios.link/3IGPTgh

4. Deal flow

Candle Media hired former ABC News president James Goldston to lead a new, in-house production studio focused on nonfiction projects and documentaries, Sara writes. https://axios.link/3SiVLzi

Lionsgate hired Briana McElroy as head of worldwide digital marketing for the Lionsgate Motion Picture Group. She most recently served as global client lead, media and entertainment at Twitter. https://axios.link/3lT5pg9

Nolan Gallagher will step down from running distribution company  Gravitas Ventures to focus on a Major League Soccer Next Pro men's professional soccer team in Cleveland. https://axios.link/3Epgk7D

Susan Wojcicki is stepping down as CEO of YouTube and will be replaced by Neal Mohan, she announced Thursday. https://axios.link/419oc6T

Atlas V, the French VR company, hired Secret Location's Michael Masukawa as it expands into the U.S. https://axios.link/3SqU6Yz

5. Movin' on up (or out)

Vince McMahon is asking $9 billion for his wrestling empire (Bloomberg)

"The list of potential buyers for the WWE includes Endeavor Group Holdings Inc., the owner of Ultimate Fighting Championship, as well as investors from the Middle East who have already made major investments in golf and soccer," Lucas Shaw writes. 

Meta to test out monthly paid verification subscription service (Axios)

"It will allow users to verify their accounts using a government ID. In return, users will gain a verified blue badge, direct access to customer support and 'extra impersonation protection against accounts claiming to be you,' according to Zuckerberg," Ivana Saric writes.

Why Wall Street has vastly diverging views about Roku (THR)

"The positives for Roku going forward include the company's plan to moderate expense growth ..., the fact that Roku Channel is seeing increasing engagement, with streaming hours up more than 85 percent from the prior year and its shoppable advertising partnership with Walmart," Caitlin Huston writes.

Microsoft and Sony square off in EU showdown over Activision and Call of Duty (The Verge)

"The closed-door hearing in Brussels will see Xbox chief Phil Spencer and other senior Microsoft executives argue the case for the $68.7 billion deal to proceed, with PlayStation chief Jim Ryan attending to voice Sony’s concerns over the deal," Tom Warren writes. 

6. Channel surfing

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

🤖 Situational awareness: "New generative AI tools ... that have stoked a tech-industry frenzy are also capable of releasing a vast flood of online misinformation," Ashley Gold and Sara Fischer write. 

@tim_bays: "You" on Netflix. Finally picked back up where I left off in season 3 and wondering why I ever stopped. 

@kerrymflynn: "Magic Mike's Last Dance" at AMC Theatres. Given the R rating, I expected so much more. The original remains king.

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

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February 21, 2023

1 big thing: Fandom's growth plans