The Powers That Be: Daily Infidels at the Gates
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Jan 3, 2025 Bill Cohan, a financial journalist and expert in media deals, chats about the shifting landscape of Hollywood's mergers and acquisitions. He discusses how tech giants like Amazon, Apple, and Alphabet are reshaping the strategies of legacy TV networks such as Disney and Comcast. The conversation covers the evolving regulatory climate, the challenges of valuing declining assets in private equity, and the implications of 'everything on the table' for future media deals. Cohan's insights shed light on the industry's uncertain yet fascinating future.
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M&A Drivers
- M&A activity is heavily influenced by CEO sentiment regarding their company's performance and prospects.
- Surprisingly, there wasn't more M&A activity in recent years despite the stock market reaching all-time highs.
Regulatory Landscape
- The regulatory environment under the Biden administration was aggressive in blocking mergers to prevent monopolies.
- Trump's appointments signal a more accommodating stance towards M&A, but his past behavior suggests potential for arbitrary deal blocking.
Hollywood Bifurcation
- Hollywood is bifurcating between studio/streaming assets and legacy TV assets, with some networks surprisingly retaining their traditional assets.
- This trend is driven by the perceived leniency of the Trump administration towards M&A and the need to combat tech sector infiltration.