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Media streamers wrestle with high debt loads

Data: Moody's; Chart: Axios Visuals

Streaming companies are accruing more debt to sustain heavy investments in content, and their leverage is historically high.

Why it matters: While most analysts agree that the debt loads at these companies are manageable for now, some firms are beginning to feel investor pressure to manage rising debt before it gets out of hand.

Media companies' newest wager: Their commitment to sports betting

Illustration: Aïda Amer/Axios

The legalization of sports betting has opened up new business opportunities for some of America's biggest media companies, forcing them to decide just how far they want to wade into the world of sports books.

Why it matters: Striking the right balance between leaning into betting — and not alienating casual fans or compromising journalistic principles — will force the establishment of new media boundaries.