Media M&A Mania: The Future of WBD, Broadcast TV & More

In this episode of the Know More. Risk Better. podcast, host Zachary Griffiths speaks with Hunter Martin, Head of Media and Cable, and Davis Hebert, Co-Head of High Yield Research and TMT, about the evolving media landscape and M&A activity in 2026. They dive deep into the Warner Brothers Discovery saga, analyzing Netflix's $83 billion bid versus Paramount's competing all-cash offer and the credit implications for bondholders. The conversation explores the broader consolidation wave in cable networks, with companies like Versant trading at four times EBITDA and the potential for private equity involvement. They also discuss the sports landscape, examining cord cutting trends, YouTube TV's new skinny bundles, and how NFL and NBA rights are reshaping the pay TV ecosystem. The episode concludes with insights on broadcast TV deregulation, including the Nexstar-Tegna merger and its impact on the high yield market. Listen now to gain expert perspectives on media sector credit views and strategic positioning opportunities for 2026.