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How Low Can They Go? Big Media Stocks Hammered by Industry Headwinds and Hollywood’s M&A Dilemma
At the halfway point, 2024 has been a hard ride of double-digit stock price declines for traditional media, with the exception of Disney and Fox Corp.
Amazon dipped a toe in with its purchase of MGM (a relatively contained studio operation and large library without massive overhead commitments) in 2022 but has stayed out of the hunt (so far) for the two biggest targets, Paramount Global(down 22.5% on the year to date as of July 3) and Warner Bros. Paramount’s cliff was even steeper 48 hours ago before the stock began to pop on news of renewed merger talks with Skydance Media and the possibility of a BET sale coming down the pike. The political and regulatory environment for mergers and acquisitions is so volatile that there’s little hope of getting a horizontal combination in any form among Paramount, WBD or Comcast/NBCUniversal approved by the Biden administration’s Justice Department and Federal Trade Commission.
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