The US media landscape is once again facing a dramatic upheaval: Warner Bros. Discovery is on its way to its fourth change of ownership in seven years. The consequences are devastating - destruction of value, high staff turnover at management level and an industry that fails to address structural weaknesses. Megadeals increasingly appear to serve less to stabilise companies and more to enrich a few players at the expense of employees, investors and the public.
Paramount-Skydance: Financial power meets political connections
The current wave of takeovers is being led by David Ellison, backed by the immense fortune of his father, Oracle co-founder Larry Ellison. With an aggressive bidding process for Warner Bros., Ellison is aiming for a dominant market position that involves political contacts and foreign investors. A merger of Warner Bros. and Paramount-Skydance could involve around 30 films a year and strengthen the monopoly in the film and television sector.
Netflix as a player in the takeover carousel
Surprisingly, Netflix enters the bidding arena. With a global market share and enormous capital, the streaming giant is aiming to take over Warner Bros, HBO and their valuable libraries. Such a move would permanently change the global media landscape and create a near-monopolistic position for Netflix.
Comcast fights for survival
Comcast is under pressure due to falling TV revenues and a high level of debt. The potential takeover of Warner Bros. would be less of a growth strategy than a survival strategy for the group - an example of how legacy media companies could go under in competition with tech platforms.
A cycle of failed mega-mergers
History shows a recurring pattern: AT&T acquires Time Warner (2018), sells WarnerMedia to Discovery (2022), and Warner Bros. is up for sale again in 2025. Each move led to massive layoffs, creative churn and high debt, while executives and banks profited.
Politics, capital and Hollywood
The proximity of buyers to political decision-makers raises questions about the effectiveness of regulatory authorities. The combination of private wealth, political contacts and media power significantly influences the structure of the US media landscape.
Conclusion:
Current developments show the risks of a concentration of media power in the hands of a few players. For the film industry, this not only means uncertainty in terms of content and production decisions, but also a change in the financing, distribution and global market positioning of Hollywood.