The Compound and Friends

Buy or Die

46 snips
Dec 19, 2025
Bill Cohan, a former investment banker and journalist at Puck, shares his insights on the intense competition between Netflix and Paramount for Warner Bros. He dives into the complexities of mergers and acquisitions, highlighting the strategic motives of both bidders and the financial implications of their offers. Cohan discusses the role of investors and the potential for significant changes in Hollywood due to consolidation. Additionally, he offers his take on banking dynamics and speculates on the future of the Federal Reserve.
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ANECDOTE

M&A Banker Back In The Game

  • Bill Cohan returned to M&A topics because he worked on earlier Viacom-Paramount deals as an investment banker.
  • He framed the current Warner process as history repeating and called it riveting to cover.
INSIGHT

Deal That Reshapes Entertainment

  • The Warner Bros. takeover fight reshapes nearly every corner of entertainment and media economics.
  • Bill Cohan says the deal will affect streaming, sports, box office, and Hollywood bargaining power.
INSIGHT

Public LBO Made Warner Buyable

  • Zaslov's leveraged purchase left Warner with heavy debt that made it an acquisition target.
  • Cohan describes the company as a public LBO where paying down debt made equity suddenly attractive.
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