And who knows? Maybe Zas’ streaming business might soon pick up. Suffice to say, the company’s bankers couldn’t care less because they will make money either way.
Merging is always the easy part. The companies are usually willing to join forces. Bankers and lawyers are incentivized to get the deal done. Plus the media loves a good M&A deal with photo ops of high-fiving CEOs and their grand plans to make history through the process of creative destruction.
Then there are the travails of Citigroup. The 1998 mega-deal merged the Travelers Group investment bank and insurance giant with commercial-banking icon Citicorp. It was based on the premise that a financial colossus could make money cross-selling investments and traditional banking products to large institutions and individuals.In retrospect: Not really. The cultures of the businesses never quite meshed.
What was left, Time Warner — comprised of HBO, CNN, Warner Bros. Studios, TNT and Turner Sports — was defenestrated in 2016 as well. The “Batgirl” movie was canceled before it ever was released for streaming in an attempt to save money.The deal would finally capture those elusive synergies, since Zaslav knows how to make various media properties, in this case scripted and unscripted content — HBOs “Game of Thrones” and Discovery’s Food Network — work as one. Warner Bros. Discovery was also born with the size and scale to compete with Disney and Netflix in the streaming wars, shareholders were told.
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