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Data: Axios research; Table: Axios Visuals; Note: Higher Ground has continued to work with Spotify on a number of new series.

June 5 — Spotify is combining two divisions in a cost-cutting move that will hit its podcasting business after years of extravagant spending.

Why it matters: Spotify is one of the biggest names in podcasting, with more than 100 million listeners. The move shows that its explosive growth came at a significant cost, Kerry wrote.

Driving the news: Spotify announced today it was combining Parcast and Gimlet into one operation called Spotify Studios and reducing its podcast division by about 200 people, or 2% of the company's workforce.

Read the rest of the article and Monday's newsletter

Plus: Monday's Pro Rata, on retreating China investments

1. Spotify consolidates 

June 5 — The tentative deal between the Directors Guild of America and studios provided Hollywood with a brief respite from its labor strife, but a long summer still awaits.

Why it matters: The writers strike is entering its second month with no signs of abating, and the actors union started its own negotiations Wednesday, Tim wrote.

2. Strike price 

June 6 — The PGA Tour and LIV Golf, the Saudi-backed breakaway tour, agreed to merge on Tuesday in a deal that shocked the sports world and set the stage for two bitter rivals to combine under one roof.

Why it matters: The agreement halts ugly litigation that embroiled the two tours and puts the PGA in the awkward spot of merging with the same entity its been trashing for human rights abuses and a negative impact on the sport, Tim and Jeff Tracy wrote.

What they're saying: "So weird. PGA officials were in my office just months ago talking about how the Saudis' human rights record should disqualify them from having a stake in a major American sport," Sen. Chris Murphy (D-Conn.) tweeted shortly after the deal was announced.

"I guess maybe their concerns weren't really about human rights?"

Read more on the antitrust case around the agreement. 

Plus: Tuesday's Pro Rata, on Sequoia Capital's split

3. Golf tour shocker 

Brooks Koepka, who left the PGA to join the LIV tour, at the 2019 PGA Championship. Photo: Stuart Franklin/Getty Images

June 6 — Two years ago, NBA star Giannis Antetokounmpo posted two TikTok videos of himself unpacking a giant box of candy. This week, he announced that he's investing in the company that sent it.

Why it matters: The Milwaukee Bucks star's dip into Candy Funhouse provides a major boost to the Canadian company to pursue global growth with the help of his star power, Kerry wrote.

Of note: "Giannis wants us to become a household name. He's talked about potentially going out in Greece and having a candy fun park," CMO Dave Theodoropoulos told Axios, adding that the hoop star's family is "really going to help us strategically grow the business on a global scale."

4. Giannis' candy dreams

Giannis Antetokounmpo. Photo: Courtesy of Candy Funhouse

June 7 — Reddit is laying off staffers and shrinking its hiring plans by two-thirds as it seeks to break even next year.

Why it matters: These cuts come a year and a half after the company confidentially filed for its IPO. Improving the bottom line should help its future pitch to investors, Kerry wrote.

Details: Reddit CEO Steve Huffman informed staffers of the cuts and "restructuring" in a memo.

Read the rest of the article and Wednesday's newsletter

Plus: Wednesday's Pro Rata, on Apple's acquisition of the augmented reality headset maker Mira

5. Reddit's readout 

Photo illustration: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Data: Yahoo Finance; Chart: Axios Visuals

June 8 — Warner Bros. Discovery's stock has lost about half of its value since it debuted in April 2022 following the merger of WarnerMedia and Discovery.

Why it matters: Chris Licht's ousting from CNN is just the latest drama within WBD, as CEO David Zaslav tries to improve cash flow across the media giant's businesses to pay down its hefty debt load, Kerry wrote.

By the numbers: The stock closed at $24.78 on its first day of trading, and it ended yesterday at $13.12, a 47% drop.

Context: Restructuring charges from its merger have dogged the stock.

Read the rest of the article and Thurday's newsletter

Plus: Thursday's Pro Rata, on Silicon Valley's support for RFK Jr.

6. Warner Bros. Discovery woes 

June 8 — Lionel Messi intends to join Major League Soccer (MLS) club Inter Miami, the soccer star said this week.

Why it matters: Messi's move has all kinds of significant consequences for sports, media and business, among them reported deals with Adidas and Apple in the offing.

7. Miami in waiting

Data: Memo; Note: Readership is defined as the number of unique visitors to an online article in the first seven days of its publication. Articles were pulled from a representative sample of 83 national, business, and technology publications; Table: Axios Visuals

The media's obsession with HBO's "Succession" drew outsized coverage of the show that was disproportionate to reader interest, Sara writes.

Why it matters: There's no question "Succession" was a huge hit. But the countless spoilers, cast interviews and interpretations of the series may have been driven more by the media's obsession with itself than by consumer interest.

Chart o' the Week: "You are not serious people"

Tribeca Festival kicked off this week with a ceremony honoring its cofounder, Robert De Niro, who received a key to the city and news of a three-day celebration this fall called "De Niro Con," and Kerry was there!

Pic o' the Week

Actor Robert De Niro, New York Mayor Eric Adams (partially obscured), director Martin Scorsese and Tribeca Enterprises CEO Jane Rosenthal. Photo: Kerry Flynn/Axios

Of note: A sports-themed week in the realm of Media Deals. A golf tour stunner, a Messi move and even a Giannis round. Let's have a closer look. 

🙏 Thank you for reading us this week! 

June 09, 2023

1. Spotify consolidates