What's Happening with Warner Bros. Discovery?

When billion-dollar deals make more noise than sense, who really wins?

In this episode of The Media Odyssey podcast, hosts Marion Ranchet and Evan Shapiro pull back the curtain on the relentless cycle of media mergers and acquisitions where massive buyouts, strategy, and political agendas collide. With characteristic humor and precision, they trace how decades of dealmaking have reshaped, and even broken, the entertainment business, from Hollywood to Europe.

The conversation spans the latest shake-ups at Warner Bros. Discovery, Paramount, Netflix, and Apple, while examining Media For Europe’s pan-European expansion and Canal+’s global ambitions following its merger with MultiChoice. Marion and Evan unpack who’s really benefiting from consolidation, who’s losing creative control, and why the next phase of M&A might look very different — with tech platforms turning into studios.

It’s a look at how Wall Street, ego, and geopolitics are driving an industry that’s learning, the hard way, that scale doesn’t always mean success.

Key Takeaways:

1. Wall Street Keeps Breaking Media
Decades of consolidation, from Fox–Disney to Warner Bros.–Discovery, have destroyed more value than they’ve created. “Growth through merger” remains a Wall Street fantasy, enriching executives and bankers while hollowing out creative culture and long-term strategy.

2. Warner Bros. Discovery May Be Next on the Block
Reports suggest Warner Bros. Discovery could split its assets, separating HBO Max and the studio from legacy cable channels. Potential buyers include Paramount, Netflix, and Apple. Netflix could be the best cultural fit, but Apple has the money and global intent to make the boldest move.

3. The Ellisons’ Expanding Power Raises New Questions
With Skydance now owning Paramount, Evan warns that David and Larry Ellison are amassing outsized influence. If future acquisitions extend to TikTok or CNN, their reach could reshape how global audiences receive news and entertainment, a sign of how family dynasties are replacing traditional media conglomerates.

4. Europe’s Consolidation Wave Gains Steam
Marion highlights Media for Europe’s (MFE) takeover of ProSiebenSat.1 and its bid to form a pan-European broadcast giant spanning Italy, Spain, and Germany. The ambition: to counterbalance U.S. streamers with continental scale. But both hosts warn that the cultural cost will be a more uniform, less diverse creative market.

5. Canal+ and MultiChoice Signal Global Ambition
Canal+’s purchase of MultiChoice expands its footprint into 70 countries, blending African and European pay-TV operations. Beyond the operational complexity, Canal+’s digital strategy of streaming-first, global in scope is a rare model of smart transformation amid the M&A chaos.

6. The Next Wave: Platforms Buying Studios
Evan predicts the next M&A era will flip the script: platforms acquiring studios. Streamers like Netflix or Apple may target production powerhouses such as Banijay or Lionsgate to control their own pipelines. After years of financial engineering, this could mark a shift toward owning creativity instead of just distributing it.

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Connect with us on Linkedin:

Evan Shapiro - https://www.linkedin.com/in/eshap-media-cartographer/

Marion Ranchet - https://www.linkedin.com/in/marionranchet/

The Media Odyssey Podcast - https://www.linkedin.com/company/the-media-odyssey-podcast

• (00:00) - Introduction and Opening Remarks
• (00:19) - Gambling and Vegas Anecdotes
• (01:08) - Mergers and Acquisitions Overview
• (01:45) - Warner Bros. Discovery and Paramount
• (05:32) - Netflix and Warner Bros. Discovery Rumors
• (07:42) - Apple and Amazon's Potential Moves
• (14:11) - Private Equity and Saudi Investment Fund
• (16:40) - European Media Mergers and Acquisitions
• (20:24) - Global Media Competition
• (21:25) - Regulatory Challenges in Media Mergers
• (22:53) - Impact of Media Consolidation
• (28:00) - Gaming Industry Mergers and Acquisitions
• (31:43) - Canal+ and MultiChoice Merger
• (36:33) - Future of Media Production and Acquisitions