Jennifer Saba

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.

Six years after the pandemic the US carmakers are still hiking prices and ​rolling out gas-guzzlers. They expect ​up to $27 bln of operating ⁠profit in 2026, up 36% despite ​tariffs, rising fuel costs and ​grumpy consumers. As challenges keep increasing, so too do risks of a spin-out.

The HBO owner is ‌in a regulatory nightmare as states sue to block its $110 bln Paramount tie-up. A similar legal ​bind threatened its sale to AT&T. ​Back then, a brave investor could have ⁠made a 43% rate of return ​trading on fears of a bust. The ​second time tempts yet more gains.

Meta's boss set out his vision for the next frontier, ​touting personalized agents and ​an entrepreneurial boom. He also ⁠champions open models while more ​advanced rivals such as Anthropic ​keep their blueprints to themselves, however. It makes a lofty manifesto come ​off as puffery.