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Mansa, a free streaming service aimed at global Black culture, has closed an $8 million seed round to support its launch out of stealth today, Tim writes.

Why it matters: Free advertising-supported streaming is one of the fastest-growing subsets of the streaming industry and is expected to become a $260 billion industry by 2025, according to Omdia.

Details: The funding round was led by MaC Venture Capital with participation from Vista Equity's Robert Smith, WndrCo Founder Jeffrey Katzenberg and Mike Novogratz's Galaxy Digital.

Mansa was founded by filmmakers and actors Nate Parker, David Oyelowo, Chiké Okonkwo and film financier Zak Tanjeloff, who has worked with Parker for 15 years.

The service has been operating in stealth for the past year.

Mansa has licensed over 1,500 hours of content for more than 50 different content suppliers. Toward the second half of the year, Mansa will start to roll out original programming.

Of note: Tanjeloff says that employees and every one of their original creators will get equity in the company.

The intrigue: This is Katzenberg's first streaming play since the ill-fated Quibi launched in the early days of the pandemic and shut down seven months later.

The big picture: Black audiences make up 40% of viewing time on the current AVOD leaders PlutoTV and Tubi, Mansa says. But the two streaming services are geared toward broader audiences.

"They're not super-serving this audience and, in fact, they don't want to," Tanjeloff says. "They accidentally stumbled into this audience."

What's next: The service plans to roll out to Nigeria as its first international territory later this year, with further launches planned in the U.K. and South Africa.

1 big thing: Streaming service emerges from stealth

Nate Parker and David Oyelowo. Photo: Matt Winkelmeyer/WireImage

Religion of Sports, the sports media production company co-founded by Tom Brady, Michael Strahan and Gotham Chopra, is acquiring U.K.-based production company Jiva Maya.

Why it's the BFD: The company, led by the two former NFL stars and filmmaker Chopra, is taking its business overseas, Tim writes.

The big picture: It's the second move this year to Religion of Sports' business. In January, the company signed a production deal with Los Angeles studio Main Event Media for pop culture content.

Details: Jiva Maya was founded in 2020 and is led by director Manish Pandey, who is best known for his documentary work on Formula 1 with series "Lucky!" "Senna" and "Grand Prix Driver."

Along with Formula 1, the Religion of Sports plans to expand Jiva Maya's work in soccer and cricket.

Pandey, Jiva Maya's Chris Sharp, William Campbell and Mark Harvey will join Religion of Sports.

Catch up quick: Last June, Religion of Sports raised $50 million in a Series B funding round led by Shamrock Capital.

2. The BFD: 🇬🇧 Religion of Sports goes across the pond

Tom Brady and Michael Strahan. Photo: Lorenzo Bevilaqua/Disney General Entertainment via Getty Images

The iconic video game company Atari is gradually coming out of a turnaround, CEO Wade Rosen tells Axios Gaming author Stephen Totilo.

Why it matters: Atari, a brand that goes back 50 years, has had a few shaky decades, as various owners and executives have tried to recapture the glory of the pioneering company behind Pong and the Atari 2600.

Details: Last month, Atari announced it had purchased the rights to the classic game Berzerk and game studio Nightdive. Nightdive, which specializes in remakes and remasters of classic games from the 1990s, is already profitable, Rosen notes.

Atari bought the studio for $10 million in cash and stock with future potential earnouts. Rosen had previously invested in the company and served on its board before joining Atari.

Berzerk and another game, Frenzy, were purchased for an undisclosed sum from pinball entrepreneur Gary Stern, to grant Atari more options to remake and reissue the classic game, Rosen says.

Being "selectively active" with mergers and acquisitions is "part of Atari’s future," Rosen says. "I would view Nightdive as the first of hopefully a larger inorganic push for the company, all really based around that innovative retro ethos."

3. Atari CEO chats M&A

Photo illustration of Wade Rosen alongside a background of squares and the Atari logo.

Photo illustration: Lindsey Bailey/Axios. Photo: Atari

• Optable, a Montreal-based data collaboration and clean room platform for publishers and advertisers, raised $20M in Series A funding from Hearst Ventures, Brightspark Ventures, Desjardins Capital, Deloitte Ventures and asterX. https://axios.link/3L9pHvN

• Mediawan acquired a majority stake in Submarine, an Amsterdam-based producer of international scripted series and films. https://axios.link/3mGpyXh

• Reed Hastings acquired a stake in Powder Mountain, a ski resort in Utah, from Elliott Bisnow and other Summit Series co-founders. https://axios.link/3opkYwZ

• China Mobile is considering a buyout bid for HKBN, a Hong Kong telecom operator with around a $1b market value, per Reuters. https://axios.link/41Bz3WF

• Cineworld scrapped a planned sale of its Eastern Europe and Israel businesses. https://axios.link/3URFoLy

• ⚽ Jenny Wang hired Moelis & Co. to explore a sale of Swiss pro soccer team Grasshopper Club Zurich, per Bloomberg. https://axios.link/41gt2in

• MSG Entertainment is in advanced talks to sell restaurant operator Tao Group Hospitality for around $550m to Mohari Hospitality, an investment firm led by PokerStars co-founder Mark Scheinberg, per Bloomberg. https://axios.link/41ejvIJ

• Imax and French exhibitor Megarama signed a three-theater deal, growing the company's global footprint. https://axios.link/3obMqhJ

• WWE expanded its partnership with Fanatics, where the retailer now manages all of its global event merchandise business. https://axios.link/43UkC23

• 926 Productions, Serena Williams' new studio, signed a first-look TV deal with Amazon Studios and appointed Grand Electric's Caroline Currier as president. https://axios.link/3KGlK0e

4. Deal flow

• Snap promoted Colleen DeCourcy to lead marketing as chief creative officer. Kenny Mitchell will leave the CMO role after four years following NewFronts. https://axios.link/41dEg7c

• Allen Media Broadcasting, the broadcast TV station division of Allen Media Group, appointed Princell Hair as president. He previously was president of Black News Channel, which Byron Allen bought last year. https://axios.link/40qssxq

• Netflix hired Joseph Staten, the co-creator of the Halo and Destiny franchises, as creative director for a "new AAA multiplatform game and original IP." https://axios.link/3MUp4I0

• Spotify is losing Nir Zicherman, who leads the audiobook division. He co-founded Anchor and joined through the 2019 acquisition. https://axios.link/3mMm8SX

5. Movin' on up (or out)

✊ Writers authorize strike: Nearly 98 percent support work stoppage (THR)

"A total of 9,218 writers participated in the vote, or nearly 79 percent of members eligible to take part. According to the guild, this level of participation and support is unprecedented for a strike authorization vote for the union," Katie Kilkenny writes.

😬 I'm Reddit's CEO and think regulating social media is tyranny. AITA? (Wired)

"There's no state that controls media thinking they're not being noble. They always say it's for your own good — 'We're making things more safe' — And they probably believe it. ... State-controlled media is state-controlled media," Reddit CEO Steve Huffman told Peter Guest.

🐭 DeSantis ramps up power struggle with Disney World (Axios)

"In addition to voiding Disney's [restrictive development] agreement, DeSantis said lawmakers are also looking to revoke other privileges the entertainment giant holds in Florida, including its monorail system's exemption from state inspections," Yacob Reyes writes.

6. Channel surfing

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

👀 Situational awareness: Netflix reports earnings today after the bell. Will the company address Sunday's livestream struggles?

@tim_bays: Knicks vs. Cavaliers on TNT. I'm not used to playoff success, so I'm not getting my hopes up that the Knicks can steal both games in Cleveland. 

@kerrymflynn: "Cars on the Road" on Disney+. I'm obsessed with the musical number "Trucks."

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

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April 18, 2023

1 big thing: Streaming service emerges from stealth