ViacomCBS Chair Shari Redstone was doing the rounds at Sun Valley but contrary to reports, she did not have a meeting with Comcast CEO Brian Roberts at the Allen & Co. mogul mountain retreat, a…
at the Allen & Co. mogul mountain retreat, according to a person familiar with the situation. The Philly-based conglom has been the subject of constant deal speculation since two big mergers have promised toredraw the landscape if and when they close.
Within a week in May, AT&T’s WarneMedia announced plans to combine with Discovery and Amazon to buy MGM – the latter deal currently being scrutinized at an FTC led by antitrust reform champion Lina Khan. Both agreements were geared towards streaming muscle content in an increasingly competitive market. Platforms multiplied and subscribers surged in 2020 during the worst of Covid.
Now, however, theme parks are crowded, advertising robust and the Tokyo Olympics starts July 23. As Netflix and AT&T kick off media earnings next week, the question, said one analyst, is, “Will the Street forgive a so-so streaming number if the core, legacy business is doing well?”It might. Even with slowing DTC growth, Disney stock has been upbeat on a volley of positive research reports.
“Everyone is talking to everyone,” said one Wall Streeter. Apple could be a buyer. AMC Networks a seller. Smaller entities from Reese Witherspoon’s Hello Sunshine Media to LeBron James SpringHill are fielding interest. Lionsgate is a wildcard. It’s got a market cap of $3.5 billion and would sell for some premium to its enterprise value of $5 billion to $6 billion. Yesterday, highlighting two of its strong suits, it announced the acquisition of the 200-title, which debuts on Starz Sunday.“Lionsgate would be a cleaner deal, it’s a better size,” said one Wall Streeter, noting a few others Comcast has done including acquiring DreamWorks Animation in 2016 for about $3.
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