The best movies have an abundance of plot twists. The M&A mania sweeping US media is not far off.
Paramount Skydance, backed by the deep pockets of Oracle co-founder Larry Ellison and headed by his son David, is preparing a bid to acquire Warner Bros Discovery. That’s only weeks after Skydance inked a deal to buy Paramount.
This would be a colossal transaction. Warner Bros’s market capitalisation duly shot up from $31bn on Wednesday to $47bn by Friday’s close. Throw in net debt and that takes its enterprise value to about $71bn. Paramount Skydance’s EV is less than half of that. A deal would be on par with Disney’s 2019 acquisition of 21st Century Fox assets for $85bn, including debt.
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