The Funding File: AI-focused super PAC Leading the Future, Justin and Ben Smith's Semafor, and former Paramount co-CEO Brian Robbins' Big Shot Pictures were among the biggest VC investments in January and February
Key Figures at a Glance
Venture capital valuations in media fell 69% in the first two months of 2026 from a year ago, according to new data from PitchBook, signaling a difficult year ahead for media and publishing companies as investors take an "AI-first" approach.
Jung Han
There was $165 million worth of VC dealmaking activity across January and February in the media sector, down from $529.12 million during the same two-month period a year ago.
January had 25 total deals valued at an aggregate of $48.8 million, compared to 37 deals valued at $390 million a year ago -- an 88% collapse in deal value. February had 22 deals total valued at an aggregate of $115.8 million, compared to 23 deals valued at $139.3 million a year ago.
When taking a broader look across entertainment software, publishing, media and information during the two-month period, there was a total of $760 million in VC deal activity, down from $3.4 billion during the same period a year ago, which was primarily driven by AR startup Infinite Reality. January made up the lion's share with 40 total deals valued at $435.3 million, while February had 16 total deals valued at $325.2 million.