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Feb. 26 — The CW plans to be opportunistic about growing its sports business as the cable business shrinks, its president Dennis Miller told Tim.

Why it matters: Sports programming has become an unexpected lynchpin in parent company Nexstar's quest to make the network profitable for the first time.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on a startup using AI to develop vaccines for future pandemics.

1. Growing The CW with sports

Photo illustration of Dennis Miller surrounded by abstract shapes.

Photo illustration: Gabriella Turrisi/Axios. Photo: Courtesy of The CW

Feb. 26 — Candle Media, the Blackstone-backed media rollup led by former Disney executives, has hired Moelis to help the company seek deals, Kerry wrote.

Why it matters: The appointment of the eponymous M&A advisory firm likely indicates that Candle has some big plans ahead, albeit unclear what at the moment.

2. Lighting up some deal action 

Feb. 27 — A photo app with nostalgic vibes has caught the attention of millions of people seeking a fun way to share memories.

Driving the news: Lapse raised $30 million in Series A funding to invest in product updates, co-founder Dan Silvertown told Kerry.

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on EQT closing its 10th flagship fund at its €22 billion hard cap.

3. Clicking with new social media

Illustration of a disposable camera made from money.

Feb. 28 — Disney is merging its India business with India-based Viacom18 as part of a joint venture with Reliance Industries, the company announced.

Why it matters: The deal, which the companies are calling a joint venture valued at $8.5 billion, allows Disney to keep a small foothold in a market in which it once had much higher hopes, Tim wrote.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on Cox Enterprises agreeing to acquire OpenGov for $1.8 billion.

4. Disney seals India deal

Illustration of a handshake between two people in front of a background designed with a graphic Indian flag pattern, surrounded by an Indian rupee border.

Feb. 29 — The first floor of the Wythe Hotel in Williamsburg bubbled with energy Wednesday as more than 200 podcast executives and creators attended Hot Pod Summit.

Why it matters: The annual conference, co-hosted by The Verge and work x work, serves as a temperature check of podcasting — an industry that has been hammered by contracting ad budgets and platform cuts, Kerry wrote.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on payment giant Stripe's drawn-out IPO ambitions.

5. Hot Pod Summit takeaways

Hot Pod's Ariel Shapiro, Defector Media's Jasper Wang, Radiotopia's Yooree Losordo and Multitude's Eric Silver onstage at Hot Pod Summit. Photo: Kerry Flynn/Axios

Feb. 29 — Cyndi Lauper agreed to sell her music catalog to Pophouse Entertainment Group and launch a joint venture with the Swedish firm, the company announced Thursday.

Why it matters: The deal's inclusion of a joint venture implies active participation from the artist — not just a cash grab, Kerry wrote.

6. 🎵 Catalogs just wanna get bought

Cyndi Lauper at the 2023 Tribeca Festival. Photo: Theo Wargo/Getty Images for Tribeca Festival

Happy Friday, media readers. Research associate Natalie Breymeyer here with your weekly digest.

Situational awareness: Humanoid robot startup Figure has drawn a $675 million investment from Jeff Bezos, AI chipmaker Nvidia, ChatGPT-maker OpenAI and others, Axios' Jennifer A. Kingson reported.

🎮 One exclusive to start: GameSquare Holdings has agreed to sell esports team Complexity Gaming for $10.4 million, Kerry reports this morning.

☕ Natalie is looking forward to getting a rosemary latte at her favorite local cafe this weekend.

✏️ 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.

March 01, 2024

1. Growing The CW with sports