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July 17 — The Nexstar version of The CW is banking heavily on live sports to be the 17-year-old broadcast network's bread and butter, Tim wrote.

Why it matters: Buying The CW gave Nexstar a nationally distributed platform to goose its advertising sales. But the network has never turned a profit.

The latest: The CW recently signed its biggest sports deal so far when it secured rights to football and basketball from the Atlantic Coast Conference through 2027.

Read the rest of the article and Monday's newsletter

Plus: Monday's Pro Rata, on a global tax deal

1. The CW's sports play

July 17 — Call of Duty, the world's most popular annual video game franchise, will remain on Sony PlayStation for a decade longer, even if Microsoft purchases the company behind it, Stephen Totilo wrote.

Why it matters: The game's fate has fueled corporate and regulatory concerns over Microsoft's $69 billion offer to purchase Activision Blizzard, which makes CoD, World of Warcraft, Diablo, Candy Crush and other top franchises.

2. Microsoft's 10-year deal with Sony

July 18 — Lionsgate is in the lead to acquire eOne, the Hasbro-owned television and film studio behind titles including "The Rookie" and "Yellowjackets," according to Deadline.

Why it matters: Hasbro purchased eOne for $4 billion in 2019, and any new owner of the studio will be folding in a 6,500-plus title content library, Michael Flaherty reported.

Read the rest of the article and Tuesday's newsletter

Plus: Tuesday's Pro Rata, on the SEC's AI concerns

3. Lionsgate opens to eOne

July 19 — Karat Financial, a Los Angeles-based provider of corporate credit cards for digital creators, raised $70 million in Series B funding.

Why it matters: Despite the funding downturn, the creator economy is still a $250 billion business that could swell to $450 billion by 2027, Tim wrote.

Details: The funding is split between a $40 million equity round led by SignalFire and $30 million in debt financing from TriplePoint Capital.

Read the rest of the article and Wednesday's newsletter

Plus: Wednesday's Pro Rata, on the impact of Michael Moritz's departure from Sequoia

4. Creator economy raise

July 19 — Antitrust regulators' frustrations with Big Tech are evident in a new draft of the DOJ and FTC's proposed joint merger guidelines released this week.

Why it matters: While U.S. regulators have had some antitrust merger wins in recent years, they haven't fared so well when it comes to the tech industry, despite its outsized presence in antitrust debates in Washington, Kia Kokalitcheva wrote.

5. Tech's role in new M&A guidelines

Lina Khan in April 2021. Photo: Graeme Jennings/Washington Examiner/Bloomberg via Getty Images

July 20 — The deal marketplace, impacts of AI and the power of influencers were among the buzzy topics discussed at an intimate event called "Best of Cannes 2023" at the Paley Center for Media in New York.

Why it matters: A month after Cannes, ad executives are still decompressing from the festival — evaluating their takeaways, choosing what to act on and preparing for next year's gathering, Kerry wrote.

Read the rest of the article and Thursday's newsletter

Plus: Thursday's Pro Rata, on the cautious return of public listings

6. Yes, we Cannes

Meta's Alvin Bowles, Retrospect's Joy Ekuta, Gravillis Inc.'s Kenny Gravillis, MediaLink's Lena Petersen, Integrated Media Company's Jonathan Miller. Photo: Kerry Flynn/Axios

July 20 — Scandinavian streaming service Viaplay is exploring its options, including a sale, as it battles financial problems stemming from its Western expansion.

Why it matters: Viaplay is one of the top media companies in the Nordics, worth more than $3 billion in value, and recently tried to elbow its way into the streaming wars here in the U.S., Tim wrote.

7. Trouble in Sweden

Photo: Alan Harvey/SNS Group via Getty Images

July 20 — Tim was treated to an early Imax screening of Christopher Nolan's "Oppenheimer" this week.

Details: The screening was held at AMC Theatres' Lincoln Center location.

In introducing the film, Imax CEO Rich Gelfond remarked that Nolan told him earlier this week that the Lincoln Center Imax (one of only 30 that still use film projection versus digital) was the best screen in the world to watch this movie.

Nolan and Imax have a very close relationship, as the acclaimed director has used the company's technology more than most filmmakers. "The Dark Knight" was the first Hollywood film to use Imax cameras.

"Oppenheimer" is the first to use Imax cameras to shoot in black and white.

By the numbers: One spool of film for "Oppenheimer" weighs 600 pounds!

Of note: Other notable people in attendance included former Trump administration official Anthony Scaramucci, CNBC's David Faber and ex-CNN anchor Don Lemon.

Tim's one-sentence review: One of Nolan's best films that features some of his best individual scenes — and somehow makes three hours go by very quickly.

Bonus: Phase 1 of "Barbenheimer" complete

Tim's view in the Imax theater. Photo: Tim Baysinger/Axios

🤑 Situational awareness: Soccer is in the spotlight. Between Lionel Messi's debut tonight in Florida and the Women's World Cup underway, the sport's popularity is on display, as is a key component that this newsletter covers: the money.

As for American football, the Commanders sale is now official.  

⚽️ 🇺🇸 Editor Michael Flaherty here, signing off on another week with a bold statement: I will be watching the U.S. women's national soccer team tonight. I will not be watching "Barbie."

✏️ Thanks to Katie Lewis for copy editing this newsletter.

🙏 Thank you for reading Axios Pro Media Deals! Please ask your friends, colleagues and Ken to sign up.

July 21, 2023

1. The CW's sports play