The return of the Medialyte
Just when I thought I was out ...
A song to read by: “Frisco Blues,” by Lewis OfMan
What I’m reading: “The Rachel Papers,” by Martin Amis
The week that was
More like the last nine months that were, am I right? I will spare you the details, but the short story is that I am back on here and plan to post a small newsletter every Sunday evening.
My motivation is simple: Twitter continues its slow lurch into obsolescence, and I wanted a reliable vehicle for distributing and chronicling my reporting.
But, I figured, I could hardly just send out a list of the three or so articles I publish a week — something about that just feels far too transactional, and I like to think we are better than that. So, I plan to include a few other brief sections in here, although the emphasis will be on brevity so as to keep this little venture sustainable for yours truly.
I think in this section, going forward, I will provide a highlight or two of my week, but only if I have had the kind of week that will make people jealous. If on some weeks I skip this section, please do not bring it up. Of course, this is a working concept, so I welcome any and all feedback.
Finally, we are operating on the honor code here — if I share some inchoate thought and later see it fleshed out into a story somewhere else, I will be gravely disappointed. You will know what you have done. (And so will I, and so will everyone who reads this newsletter, because I will shame you for it endlessly.)
On my mind
The biggest trend that has lately held my attention is the continued rise of sports-betting companies, and what their emergence might mean for the media industry.
I have written for Adweek about the sluggish mergers and acquisitions market of the last year, which comes down principally to the increased cost of capital, the weakness of strategic buyers and the antitrust chill discouraging technology buyers.
But you know what industry is flush with cash, thrives during economic down periods and has a desperate need to acquire customers? Sportsbooks. Back in 2020, as states across the country began legalizing sports gambling, sports publishers signed a slew of licensing deals to help companies like DraftKings and FanDuel lure in new gamblers.
There are still around 20 states that have yet to legalize gambling, meaning 20 completely untapped markets remain. But after several years of partnering with publishers to drive brand awareness, some sportsbooks must be thinking that they paid for milk when they could have bought the cow.
As a result, I would not be surprised if sportsbooks, casinos and other gambling operations become some of the biggest players in media M&A in the next 12 months.
Other than vague concerns over the moral rectitude of betting—a rich pretense in an industry that forgot who Jamal Khashoggi was as soon as the Saudi pulled out their checkbooks—it is hard to imagine a world in which the sports-betting industry sits on its hands as media properties continue to plummet in value.
Published this week
— In a scoop, I reported on the news that the premium technology publisher The Information has ousted its chief commercial officer Karl Wells after just over a year into the job. They brought in Matthew Resnick, until last month the chief operating officer at Morning Brew, to replace him.
The shuffle is the latest departure from the publisher, whose subscription growth has failed to keep pace with the expectations set by its founder, Jessica Lessin. One nugget left on the cutting room floor? Apparently The Information had been chasing Resnick for nearly two years. (Link)
— In a smaller story recapping a panel at an Adweek event, I reported on the social media success of LadBible, which is sort of the English Barstool Sports. The publisher is now the largest news title on TikTok, an achievement it chalks up to making much of its social content shorter. Yes, it turns out that is still possible! (Link)
One good rumor
I heard that BuzzFeed might be looking to sell Complex before the end of the year. If you know anything about the matter, my line is open.
Some good readin’
— One of those pieces that sums up something everybody has been quietly saying to themselves: the era of scaled traffic is coming to an end. Which begs the question: What comes next? (A Media Operator)
— A great profile of Shams Charania, who has helped turn basketball reporting into an ethically dubious web of quid pro quo access journalism. (New York Magazine)
— How Disney is navigating its newfound bedfellow: the sportsbook Penn Entertainment. (The Wall Street Journal)
— Luddites were not opposed to technology; instead, they were some of the original advocates of workers’ rights. The parallels to our current moment with artificial intelligence are, uh, hard to miss! (The New Yorker)
Cover image: "The Return of Prodigal Son,” Iszchan Nazarian
Good to have you back.