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

🏅 Will you be in Paris for the 2024 Olympics? Axios will be on the ground July 31–Aug. 2, and we'd love to connect with you. Let us know if you will be there at the link here. Please feel free to pass this on to colleagues or fellow travelers.

July 8 — Less than a month after a deal for Paramount seemed dead, Skydance Media's David Ellison finally reached the summit and convinced Shari Redstone to part with her family's media empire.

Why it matters: The deal, announced late Sunday night, breathes new life into an iconic Hollywood brand and is the preferred option among many industry watchers.

Go deeper: Read Monday's newsletter, plus Monday's Pro Rata on HBC partnering with Amazon and Salesforce to buy Neiman Marcus Group for $2.65 billion.

Ellison scales Mt. Paramount

Illustration of silhouetted figures climbing the mountain in the Paramount logo.

July 9 — Following news of his Smartmatic investment, tech billionaire Reid Hoffman shared more insights on the matter with Axios on Monday.

Why it matters: Hoffman confirmed that he is helping fund Smartmatic's litigation against Fox News by investing in the company. 

Go deeper: Read Tuesday's newsletter, plus Tuesday's Pro Rata on Capri-Sun seeking to raise more than $500 million via a minority stake sale.

Reid Hoffman chats Smartmatic

Reid Hoffman wearing sunglasses and a black polo shirt with red accents at  Allen & Co. Media and Technology Conference in Sun Valley, Idaho on July 12, 2023

Reid Hoffman. Photo: David Paul Morris/Bloomberg via Getty Images

July 9 — Infinite Reality, which builds AI-powered virtual experiences for brands and media companies, is acquiring tech startup Landvault for $450 million, Axios learned. Infinite Reality said it also received a $350 million investment.

Why it matters: The addition of Landvault is the company's fifth acquisition this year as it continues to bet that the metaverse will still come to fruition.

Metaverse M&A

Illustration of a person walking along a gridded hallway towards a bright light

July 10 — Lemonada Media, a venture capital-backed podcast network working with Sarah Silverman, Julia Louis-Dreyfus and Meghan Markle, is exploring a sale, three sources told Axios.

Why it matters: A deal would bring more consolidation to podcasting as the medium matures. U.S. podcast ad revenue is expected to grow 12% to more than $2 billion in 2024, per an IAB report by PwC.

Go deeper: Read Wednesday's newsletter, plus Wednesday's Pro Rata on Microsoft giving up an observer seat on OpenAI's board of directors.

Scoop: Podcast network explores sale

Illustration of hands reaching out for an old fashioned microphone.

July 11 — Chicken Soup for the Soul Entertainment converted its Chapter 11 bankruptcy case to a Chapter 7 liquidation proceeding and will liquidate its assets, including Redbox.

Why it matters: The shutdown of more than 24,000 rental kiosks might be the nail in the coffin for the flatlining video rental market.

Go deeper: Read Thursday's newsletter, plus Thursday's Pro Rata on the VC market being under pressure.

Redbox shelved

Redbox logo on one of the company's DVD kiosks

July 11 — Marketplace Events, an event owner and operator, has hired an investment bank to seek a buyer, Axios exclusively learned.

Why it matters: The sale process comes after the firm completed its largest acquisition to date.

Marketplace Events is for sale

an illustration of two people shaking hands while holding a paper shopping bag

🤔 The other week, Natalie recounted a bat incident. Earlier this week, a bird got into her home (and she safely got it out). She first questioned why all these animals were drawn to her, but then came to the conclusion she should probably just not leave her door open so much.

✏️ Thank you 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.

July 12, 2024

1 big thing: Ellison scales Mt. Paramount