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BFD Expert Voices - Media Deals

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Sept. 25 — Amazon agreed to invest up to $4 billion in San Francisco-based AI startup Anthropic, the companies announced.

Why it matters: The investment strengthens Anthropic's war chest of funding as it competes with ChatGPT creator OpenAI and deepens Amazon's relationship with generative AI.

Go deeper: Read Monday's Media Deals newsletter, plus Monday's Pro Rata on Vista Equity topping $100 billion in assets under management.

1. Amazon's billion-dollar AI move

Sept. 26 — Complex secured the return of three title sponsors for its annual tentpole event ComplexCon, executives exclusively told Kerry.

Why it matters: Those ad deals are a positive sign for the event's financial performance. That's especially crucial as its parent company BuzzFeed Inc. has struggled on the Nasdaq, resulting in talks of selling Complex.

Go deeper: Read Tuesday's Media Deals newsletter, plus Tuesday's Pro Rata on recession projections among private market investors.

2. ComplexCon returns

Record executive Rick Ross at ComplexCon Chicago in 2019. Photo: Timothy Hiatt/Getty Images

Sept. 26 — Ara Labs, best known for its car-top advertising screens, is in the midst of raising a $50 million round, two sources close to the situation told Axios Pro Retail Deals' Richard Collings and Kerry.

Why it matters: A raise would demonstrate investor interest in a business that operates within two growing segments of the ad industry — out-of-home and retail media.

3. Scoop: Ara Labs' $50 million

an illustration of a cab light lit up with money signs 

Sept. 27 — Hollywood is partially open again, and that may renew dealmaking among production companies. Capital reserves can loosen up; projects can restart.

What they're saying: "Expect to hear more about that," Hartbeat CEO Thai Randolph told Kerry last week when asked about future acquisitions.

Go deeper: Read Wednesday's Media Deals newsletter, plus Wednesday's Pro Rata on VC firms developing "responsible AI" guidelines for themselves.

4. The strike ends, deal vibes begin

Illustration of a wooden prop dollar bill surrounded by stage lighting 

Sept. 28 — Hartbeat recently opened a new Los Angeles headquarters and is about to open new New York and Atlanta offices as it uses its private equity money to boost production, CEO Thai Randolph said. She dined with Kerry this month as part of our "1 big meal" interview series.

Why she matters: Randolph was named CEO of Kevin Hart's media company in 2022, after leading a $100 million raise from Abry Partners. She was previously president and COO of Laugh Out Loud and COO of HartBeat Productions, which merged into Hartbeat.

Go deeper: Read Thursday's Media Deals newsletter, plus Thursday's Pro Rata on preliminary data that shows global M&A activity is trending lower.

5. Hartbeat CEO on PE's Hollywood impact

Photo illustration of Thai Randolph on a picnic table patterned background.

Photo illustration: Axios Visuals. Photo: Courtesy of Tony Bowens

Yesterday, we featured this as our situational awareness: The USFL and the XFL announced their intentions to merge in a brief press release, confirming our story from last week.

Why it matters: Combining the two may be the smartest path forward for the leagues, given the challenges and the history of failure for NFL alternatives.

6. Axios Scoop confirmed: XFL and USFL seek tie-up

XFL owner Dwayne Johnson talks before the Arlington Renegades and the Vegas Vipers XFL game. Photo: Sam Hodde/Getty Images

Happy Friday, media readers. Research associate Natalie Breymeyer here, with your weekly digest. But first, some deals news that broke since yesterday. 

Situational awareness: ESPN is said to be close to striking a broadcast deal with the startup golf league backed by Tiger Woods and Rory McIlroy. And Dynasty Equity has agreed to buy a minority stake in Liverpool FC from Fenway Sports Group.

🍾 Natalie's good friend is getting married this weekend, and she can't wait to celebrate.

✏️ Special thanks to Katie Lewis for copy editing this newsletter.

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

September 29, 2023

1. Amazon's billion-dollar AI move