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Warner Bros. Discovery’s Road to Splitsville: What’s Next?
Will the split-up of Warner Bros. Discovery into two companies work? Here are the key burning questions.
The goal is to boost the value of the high-growth streaming and studio biz by amputating the declining TV arm that has been hurt by the shrinking pay-TV universe, while freeing up both companies to seek potentially value-accretive M&A deals. As a stand-alone company, WBD Streaming & Studios will be “more attractive to both the public markets and potential partners,” MoffettNathanson analysts led by Robert Fishman wrote in a June 9 research note. After Trump’s election, he said the administration “may offer a pace of change and an opportunity for consolidation that may be quite different” and that it may “provide a real positive and accelerated impact on this industry that’s needed.” If and when Paramount Global closes its Skydance Media merger, there might be a tie-up to explore between Paramount+ and HBO Max, for example.
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