Jennifer Saba

The streaming giant’s 17% rise in quarterly revenue and chunky operating margin belie a looming threat. YouTube attracts more TV viewers and it’s widening the lead. Netflix bested its rivals in the world of traditional shows and movies. Short-form video is its Achilles’ heel.

Microsoft, Alphabet and Meta spent another $60 bln combined in the quest to conquer machine learning. The Windows maker can best handle investment trending toward 75% of cash flow while Google’s owner takes a more prudent approach. Danger lurks most in Mark Zuckerberg’s empire.

The broadcaster took an 8% stake in rival Scripps, adding pressure to takeover talks. Cost savings of $300 mln, if valued richly, are tantalizing for the target. Yet lumbering debt and a history of aggressive dealmaking gone awry urge a calmer approach.

Spending some $70 bln to buy HBO and the 'Harry Potter' studio would be out of step for a streaming titan that has shunned big deals. Co-CEO Ted Sarandos deserves some benefit of the M&A doubt, but the implied return is just 3%. The defensive posturing makes it extra curious.

The streaming giant is buying the storied film studio and rival HBO for $83 bln, including debt. Even if it overcomes political and regulatory hurdles, the implied return with chunky savings looks weak. Hollywood temptation that hurt AOL, AT&T and Discovery strikes again.

The studio behind ‘The Godfather’ bypassed its takeover target’s board and appealed directly to shareholders with a $108 bln proposal. Boss David Ellison is dangling more cash than Netflix and including the cable networks at a reasonable valuation, too. It’s an easy choice.

The latest rejection of Paramount’s $108 bln takeover bid, citing debt concerns, rings hollow. After all, HBO's owner is the one that hinted cash is king and the rival suitor has acquiesced to every demand. Moreover, Comcast's cable spinoff suggests Netflix's offer falls short.

TKO, the mixed-martial-arts league’s owner, is joining President ​Trump to put on ​a spectacle to celebrate America’s ⁠250th anniversary. With broadcast ​rights locked in and chunky ​margins, its valuation is far richer than even Disney’s. Political ties ​add another boon, for ​now.

The media mogul scion is stepping out of ‌his father's shadow with the empire's largest-ever deal, paying $22 bln for the TV streamer. It's growing fast, but the ​implied return on investment amounts to a ​measly 5%. Being a bold buyer will be ⁠much harder than a cunning seller.

California ​expanded tax breaks for ⁠the movie ​business, which contributes more ​than $100 bln to the local economy. The ​storied industry ​also provides valuable soft power. ‌Even ⁠with federal handouts now being sought, however, it's ​doomed ​to ⁠go the way of Motown ​and Madison ​Avenue.