The Varsity Media Merger Mania & The Celtics L.B.O.
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Nov 27, 2024 Bill Cohan, a partner at Puck and former investment banker, joins the discussion on the shifting landscape of media mergers. He analyzes Comcast’s spin-off plans, private equity's looming role, and the broader implications for the industry. Cohan also shares insights into Wyc Grousbeck’s leveraged buyout of the Boston Celtics, detailing the impressive rise in franchise value and the potential buyers circling the team, including Steve Pagliuca and Jeff Bezos. It’s a riveting conversation on sports and media's intertwined fates.
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Cable's Value Extraction Era
- The cable industry is transitioning into a value extraction era.
- Streaming services are becoming profitable as linear TV declines.
Industry Turning Point
- The creation of Warner Brothers Discovery and its debt marked a turning point for the industry.
- Other companies like Paramount and Disney also face challenges.
Redstone's Disapproval
- Sumner Redstone would have disapproved of the current state of Paramount.
- His daughter, Shari Redstone, inherited control and oversaw value destruction.