The Most Important Media Deals in Q3 2025: Disney, Paramount, Grok, YouTube

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Over the past few months, media companies large and small have busied themselves with everything from cutting deals to forming new alliances and rethinking old playbooks. Traditional outlets like C-SPAN, for example, are chasing new audiences, while tech-first platforms like X are finding ways to fold ads into A.I. products. Together, these moves highlight how rapidly the industry is evolving—and how increasingly blurred the lines between tech and media have become.

Between July and September, established players and entertainment giants alike capitalized on new growth opportunities through equity stakes, acquisitions and mergers—giving media watchers plenty to track during the third quarter.

Here’s a look at some of the most notable media and tech deals that made headlines during that quarter:

Puck acquires Graydon Carter’s Air Mail

Puck, the media startup co-founded by Jon Kelly, announced in September that it’s acquiring Air Mail, the digital media company launched by former Vanity Fair editor Graydon Carter. Air Mail’s flagship product is a weekend email newsletter. Terms weren’t disclosed, but The New York Times reported that Puck paid for the acquisition with its own stock. Carter, who founded Air Mail in 2019 with a business model focused on luxury advertisers and e-commerce, will stay on as a consultant for now.

Minute Media buys A.I. sports tech firm VideoVerse

Also in September, Minute Media, the parent company of Mental Floss and Sports Illustrated, announced its largest acquisition to date: the purchase of VideoVerse, an India-based video software company. The deal strengthens Minute Media’s sports and short-form video capabilities. VideoVerse’s Magnifi tool can automatically generate real-time sports highlights and streamline content sharing across social channels. While terms weren’t disclosed, multiple reports valued VideoVerse at between $200 million and $250 million.

Paramount and Skydance complete $8 billion merger

David Ellison’s Skydance Media finalized its $8 billion merger with Paramount Global in August, creating a new entity called Paramount, a Skydance Company. The deal transfers control of one of Hollywood’s oldest studios and positions Skydance to reinvent the home of franchises like Star Trek and Mission: Impossible for a tech- and streaming-driven era. In his first month as CEO of the combined company, Ellison announced several major moves, including a $7.7 billion deal making Paramount the exclusive U.S. broadcaster of the UFC starting in 2026, a four-year partnership with Stranger Things creators Matt and Ross Duffer, and plans for a Call of Duty feature film.

C-SPAN secures new streaming distribution deals

Following a congressional resolution urging streaming platforms to carry C-SPAN’s live coverage of Congress and federal hearings, the network struck new distribution deals with YouTube TV and Hulu + Live TV. Announced in September, the agreements bring C-SPAN to the basic tiers of both services, expanding its reach by an estimated 13.8 million potential viewers beyond its traditional cable audience.

Disney takes a stake in Webtoon Entertainment

The Walt Disney Company deepened its relationship with Webtoon Entertainment through a 2 percent equity investment tied to the launch of a new digital comics platform. Announced in September, the initiative will combine titles from across Disney’s portfolio—including Marvel, Star Wars, Pixar and 20th Century Studios—into a single subscription-based service operated by Webtoon. The platform, which will house more than 35,000 comics, will also adapt Disney franchises into content for Webtoon’s signature vertical-scroll format.

X brings ads to Grok

In August, X owner Elon Musk announced plans to include paid advertising inside the platform’s A.I. chatbot, Grok. Brands will be able to pay to appear in Grok’s responses when users ask for things like product recommendations. Musk described the move as a way to help offset Grok’s high computing costs. Grok is developed by another Musk-owned company, xAI.

Delta and YouTube expand in-flight entertainment partnership

Delta Airlines and YouTube have expanded their multi-year partnership to enhance in-flight entertainment. Under the new deal, Delta passengers can access ad-free videos, podcasts and music playlists from top creators like MrBeast via Delta wifi. U.S. SkyMiles members on domestic flights can also redeem a 14-day YouTube Premium trial. The collaboration even extends to the boarding experience, with a YouTube Music playlist greeting passengers as they step onto the plane.