A favorite and feverish game from Wall Street to Hollywood heading into 2024 is pairing up media companies, or pieces of them, to see what fits where in a high-stakes jigsaw puzzle that will shape the future of the industry.
Ongoing streaming losses, anticipated interest rate cuts (that could lower financing costs), more robust stock prices and the end of WGA and SAG-AFTRA strikes — as well as actual, high-level conversations — have many believing that sluggish media M&A of all sizes could pick up dramatically in the new year.
Just in this last week of 2023, Warner Bros. Discovery acquired Turkish streaming service BlueTV, Altice USA sold financial news streamer Cheddar and Lionsgate closed its acquisition of eOne.
There’s a logic to bigger deals as well. With Disney being “the only scaled legacy media company,” wrote Vijay Jayant of Evercore ISI, “a merger of some combination of NBCUniversal, Paramount, and Warner Bros Discovery has strong economic rationale.” He sees as much as $5.5 billion in synergy cost savings in a Paramount-WBD merger, for instance.
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