M&A context: Why buyers value Warner's European upside

Google officially beat Apple and HBO Max is conquering Europe. Welcome back to The Media Odyssey Podcast! 

In this episode, Evan Shapiro and Marion Ranchet focus on two media milestones that didn’t get the attention you expect: Google officially surpassing Apple in scale, and HBO Max’s long-awaited launch across key European markets. Rather than treating these as isolated news items, the conversation explains why both moments matter and what they reveal about platform economics, global strategy, and competitive positioning.

The episode is a reality check on how quickly the hierarchy is changing, and how even long-anticipated launches now arrive in a far more crowded, expensive, and competitive environment.

Key Takeaways: 

1. Google Has Officially Passed Apple in Size

Google, along with the rest of Alphabet, beat out Apple with a higher annual revenue and faster top-line growth. What once looked unthinkable now reflects Google’s dominance across advertising, platforms, and global scale.

Apple’s business remains strong, but it’s reliance on hardware and services tied closely to its ecosystem have kept growth down it is missing out on a core two thirds of consumers. 

2. HBO Max Is Finally Launching Across Europe

HBO Max’s rollout into major European markets, a move years in the making, finally began. The launch represents a major operational and branding milestone for Warner Bros. Discovery.

Timing is a strategic Risk for HBO Max, arriving in Europe after Netflix, Prime Video, and Disney+, making customer acquisition more difficult and more expensive than it would have been earlier. Launching now means competing in a market where consumer budgets are tighter and subscription fatigue is real.

3. Scale Is Now the Deciding Factor

Whether it’s Google surpassing Apple or HBO Max expanding internationally, the episode reinforces that scale is increasingly what determines who can compete effectively.

Interested in sponsorship? https://forms.gle/2LCWfX2HBNT8mtpx8

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 Overview
• (01:12) - HBO Max's European Launch
• (04:05) - Strategic Partnerships and Deals
• (11:58) - Pricing Strategies and Market Impact
• (16:29) - Potential Acquisitions and Future Outlook
• (24:43) - Netflix's Ad Tier Success
• (25:10) - HBO Max's Struggles in Europe
• (25:56) - Telco Deals and Bundling
• (27:48) - Google Surpasses Apple in Market Cap
• (28:59) - Google's AI and Search Dominance
• (40:19) - Apple's Challenges and Future
• (43:39) - The Era of Commodity Hardware
• (46:35) - Upcoming Episodes and Events