A sizable slowdown in traffic referrals from traditional search engines is unlikely to be offset by new AI search platforms in the foreseeable future, if ever, according to new data.

😨 Why it matters: Experts believe we are at the beginning of a terminal decline in overall search traffic referrals to web publishers.

• Simply put, traditional web search is becoming a legacy business.

📉 By the numbers: Traditional search traffic to the top 500 media and news websites in the U.S. dropped by more than 15% from an average of 5.3 million page referrals per publisher in May 2024 to an average of 4.5 million in February 2025, according to new data from Similarweb shared exclusively with Axios for Media Trends Executive members.

• During that period, referrals to the same set of 500 publishers from nine of the biggest AI chatbot companies increased by more than 2,100%, but the scale is still tiny compared to search platforms. AI search chatbots drove 266,700 referrals to publishers in May 2024, compared to 6 million in February 2025.

State of play: The drop-off in search result traffic to publishers coincides with Google launching AI search summaries in May 2024.

Go deeper: Access to the full story is available to Axios Media Trends Executive members. It was published as part of our recent deep dive on the Future of Search.

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Dan Abrams is in talks to raise money for his new media company Bottle Raiders, a spokesperson confirmed to Axios. In an interview, Abrams said the company, which aggregates and pens reviews of liquor, aims to become the largest multiplatform spirits media business in the country.

Why it matters: Abrams is a rare entrepreneurial success in media, but few people understand how vast his business empire is.

State of play: Bottle Raiders is the third major media company founded by Abrams, who also serves as ABC News' chief legal analyst and is a SiriusXM host and contributor at NewsNation.

• Abrams launched the Law&Crime network in 2015. He sold it to creator company Jellysmack in a nine-figure deal in 2023, despite only raising a meager $5 million in outside investment.
• His news criticism site Mediaite, which launched more than 15 years ago, has never raised money. Abrams told Axios that the site is profitable and he has no plans to sell the outlet.

Between the lines: Abrams, who is passionate about spirits and owns a vineyard, has been quietly building Bottle Raiders for the past few years, he told Axios.

• The company launched a proprietary app last year that allows users to scan spirit bottles for ratings.
• Bottle Raiders last year acquired two events businesses, called Whiskey Washback and Arte Agave. This year it's expanding its event franchise from 14 events to 16 in new markets such as Los Angeles and Scottsdale, Arizona.

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Newsmax, a conservative media company that lost $55 million in the first half of 2024 on revenue of $80 million, was valued at $16.1 billion at market open Tuesday, its second day as a public company.

• That's double the value of the New York Times, which made $106 million in net profit over the same period, on revenue of $1.2 billion.

Why it matters: It's unusual for a stand-alone cable news network to go public, especially in this environment, as advertising sales for traditional networks face pressure from streaming.

The big picture: Conservative companies see a financial opportunity to tap into retail investment interest on the public market.

• Last week, online gun retailer GrabAGun merged with Colombier Acquisition Corp. II, a special purpose acquisition company, in anticipation of a summer IPO.
• Colombier is led by Omeed Malik, who is known for backing businesses with conservative values. Malik's first SPAC, Colombier Acquisition Corp. I, took conservative retail and fintech company PublicSquare public in 2023.

What to watch: Trump Media & Technology Group Corp, the parent company to Truth Social, is trading about 103% above the $10 price their SPAC sponsors paid for shares as part of their path to being publicly traded.

• Rumble, a video platform akin to YouTube that has attracted conservative voices, is down 27% from its respective SPAC price.

The Free Press is adding five new columnists to its roster as part of a broader expansion of its editorial coverage and business, co-founder Bari Weiss told Axios.

Why it matters: The company has accrued a significant free and paid audience of general news consumers at a challenging time for the media industry.

• The Free Press now has 1.25 million overall subscribers and nearly 155,000 of those are paid, publisher Dennis K. Berman told Axios.

Zoom in: The Free Press announced today it's bringing on renowned economist Tyler Cowen, formerly of Bloomberg Opinion, as a contributor, as well as Jed Rubenfeld, who will focus on legal commentary.

• Coleman Hughes is joining to cover complex issues such as race, philosophy and culture. He will bring his popular "Conversations With Coleman" podcast over to The Free Press.
• It's also bringing on Matthew Continetti to cover the American Right, and Batya Ungar-Sargon will become a regular columnist, focusing on issues of class, culture and economics.

Between the lines: Hughes' podcast is part of a broader audio push by the company, which is piloting five new shows this summer, Berman told Axios.

• The company also plans to expand its event portfolio, Weiss said. In addition to its regular national debate series, The Free Press is looking to offer more regular local events, such as salons and book clubs, Weiss said.
• Until now, most of The Free Press' marketing strategy has been focused on organic user acquisition, but the company recently hired a full-time subscription growth leader from The Athletic to spearhead its expansion, Berman noted.

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A U.S. District Court judge last week denied most of OpenAI's motion to dismiss a lawsuit against it and its minority owner Microsoft from the New York Times.

Why it matters: The ruling allows most of the Times' case against OpenAI and Microsoft to proceed, paving the way for a possible trial.

Between the lines: The two tech firms never challenged the Times' claims of direct copyright infringement, which alleged they copied the Times' works to train their large language models.

• But they did file motions to dismiss most of the Times' other complaints.
• The judge's decision last week to deny several of those motions to dismiss the Times' other claims gives the outlet more ways to win its case.

The big picture: The Times' case against OpenAI and Microsoft is being closely watched by the media industry as its outcome could set a historic copyright precedent for the AI era.

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Efforts by the Trump administration to gut congressionally approved funds for agencies overseen by the U.S. Agency for Global Media are facing early legal setbacks, as judges side with agencies and employees in their lawsuits against the government.

Why it matters: The rulings present challenges for the Trump administration as it seeks to make broader government cuts as part of its effort to reduce spending through the Department of Government Efficiency.

• So far, the rulings suggest judges will step in if they think the Trump administration is overstepping its authority in cutting programs mandated by Congress.

State of play: A federal judge last week sided with Voice of America journalists in their lawsuit against the Trump administration filed last month.

• On Friday, a District Court judge issued a temporary restraining order against USAGM to prevent it from further efforts to shutter VOA.
• In his ruling, the judge said the executive branch was overstepping its bounds by trying to shutter an agency whose budget was already congressionally mandated.

Zoom in: The decision came shortly after USAGM special adviser Kari Lake withdrew an order to terminate the 2025 funding grant for VOA's sister broadcaster Radio Free Europe/Radio Liberty.

• RFE/RL last month sued USAGM, as well as Lake and acting USAGM CEO Victor Morales, for efforts to terminate its congressionally approved dollars.
• Just ahead of a hearing about part of the lawsuit last week, USAGM notified the court that it would take immediate steps to disburse congressionally approved funds to RFE/RL for March.

Yes, but: RFE/RL president Steve Capus said Tuesday the broadcaster has begun to "furlough a large percentage of staff," as it still hasn't received its funding.

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Peyton Manning's Omaha Productions has raised a new financing round from former Endeavor executive chair Patrick Whitesell, who is leading a new, yet-to-be-named sports, media and entertainment investment platform with private equity giant Silver Lake.

Why it matters: Omaha Productions has been profitable since it launched in 2020. Manning still controls the company, but he's been bringing on strategic investors to help grow the business faster.

By the numbers: Last year, Omaha raised $10 million from Peter Chernin's North Road Company at a valuation topping $400 million.

• The new raise from Whitesell, which is also structured as a minority equity investment, is significantly larger than the amount raised previously, a source told Axios.

Startling stat: It values the company at roughly $800 million post-money, they added. The company only employs 45 people.

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Domestic box office revenue is down 12% from this time last year, when theaters were still grappling with the fallout from the historic actors and writers strikes, Axios Kerry Flynn and I write.

Why it matters: Theaters never made a full comeback from COVID-19, and experts don't think they ever will. But for tech giants looking to establish themselves in Hollywood, theatrical distribution matters.

Zoom in: Amazon MGM Studios will release 12–14 films in theaters in 2026 and potentially 16 films in 2027. Most films will spend 45 days in theaters before being available as pay-per-view and later streaming on Prime Video.

• The strategy is a big expansion on its number of titles and length of exclusivity in theaters. Previously, the studio released five to eight movies in theaters annually with no set theatrical window, per the New York Times.

Zoom out: The shift comes amid a broader shake-up at Amazon MGM Studios. Jennifer Salke exited as head of the studio last week after seven years. Her position will not be filled, per an internal memo.

The big picture: The Academy of Motion Picture Arts and Sciences expanded theatrical eligibility requirements for films to qualify for the best picture category, beginning last year.

• Those new requirements put more pressure on streamers to distribute their films in more cities on the big screen.

Between the lines: Theater chains have been investing in upgrades — including new projectors, luxury seats and bars — to improve the customer experience.

• AMC Entertainment is adding 40 new Dolby Cinema theaters in the U.S. by the end of 2027. It previously shared plans for 4DX auditoriums.

Reality check: Movie studios have invested more in sequels and familiar franchises to maximize reliable revenues. But this year, some storylines have flopped.

• Disney's latest Marvel film, "Captain America: Brave New World," faced a 68% drop at its second weekend in the box office. "Snow White," the live-action remake, also performed poorly in its second weekend.

What to watch: The summer box office includes more big remakes and sequels. Disney's slate includes "The Fantastic Four: First Steps," "Lilo & Stitch" and "Freakier Friday."

• There's also the latest John Wick film, "Ballerina," along with "Mission: Impossible — The Final Reckoning," "Jurassic World Rebirth" and "Superman."

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