The Ankler.

The Ankler.

Share this post

The Ankler.
The Ankler.
One for the M&A-Holes…
Copy link
Facebook
Email
Notes
More
Entertainment Strategy Guy

One for the M&A-Holes…

Who should buy and sell what in the midst of a turbulent 2022

Entertainment Strategy Guy's avatar
Entertainment Strategy Guy
Aug 25, 2022
∙ Paid
13

Share this post

The Ankler.
The Ankler.
One for the M&A-Holes…
Copy link
Facebook
Email
Notes
More
3
Share
(Alashi/ DigitalVision Vectors)

It’s time for another edition of M&A porn. I personally find industry consolidation a little gross, but it’s also hard to look away. I can’t help myself!

So let’s engage in another round of M&A “who should buy whom” analysis. Partly this feels “gross” because I can’t help wondering if we’re heading for a (mostly terrible) future where all media companies consolidate down to just three or four companies. I jokingly wrote about this nightmare scenario few years back— as a strategy exercise — but the way some folks talk about consolidation, I think some business leaders want us to get there!

As a reminder, because it’s in my name, M&A by itself is NOT a strategy. Strategy is strategy. Sometimes M&A helps that strategy, and sometimes it doesn’t. (Disney buying Pixar, Marvel and Star Wars helped to build its “house of brands” strategy. AOL and AT&T buying Time/Warner Bros? Not a strategy.) Second reminder, these are not predictions. When it comes to M&A, it’s notoriously tough to guess ahead of time. Who saw Discovery of all companies buying Warner Bros., for example?

Before we start, the M&A landscape has shifted since the start of the year, and it’s worth reviewing what’s changed. Then we’ll look at the high-level landscape of who can actually afford to buy whom (the financials). And then one recommendation for each company.

Included below:

  • Acquisition suggestions for Netflix, Disney, Comcast

  • Smaller targets for Apple, Amazon that wouldn’t spark antitrust

  • What parts Warners Bros. Discovery should sell now

  • Thoughts on Paramount, Sony

  • eOne, Lionsgate, AMC Theaters, AMC Networks, DAZN, A24


First, 4 Big Updates to the M&A Landscape

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Ankler Media
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More