Antitrust Risks for PSKY/WBD

As PSKY has won the battle for WBD, we end Act 1 (the proxy battle) and enter Act 2, in which antitrust authorities, and others, review the transaction. In this note, we update our thinking on the risks to the deal from a governmental, as opposed to a financial, perspective.

WBD/PSKY/NFLX Update

There has been a considerable amount of news flow about the battle over WBD, including an enhanced PSKY offer and reports that PSKY has a (not so) secret plan to quickly gain antitrust approval. In this note we address those topics as well as reassessing our view, detailed in a note last week, that PSKY will find itself in a difficult position in terms of losing talent (and customers) due to political risk and/or having to pay a premium to attract talent due to that political risk, and doing so ...

Does the Trump/Kennedy Center Fiasco Portend PSKY's Future?

It now appears that PSKY has a good chance of prevailing in its battle for WBD. We have previously discussed the three phases of that battle; the proxy battle, the antitrust review, and the judicial review. In this note, we discuss a fourth phase; how does the battle for WBD, including this week’s Colbert/Talarico Affair, affect PSKY’s value after the deal closes?

What Does the PSKY Announcement of Compliance Mean?

As part of a new bid to buy WBD, PSKY announced that it had already complied with the DOJ’s second request. Investors have been asking about how to understand this announcement, how the timing of this review compares with other DOJ investigations and what are the paths forward for the antitrust review of both PSKY and NFLX’s bid. In this note we address those questions.

Trump Says He’s Out of WBD Antitrust Decision-Making; So, Did the Sena...

On Tuesday, the Senate Judiciary Committee held a hearing on the proposed merger of NFLX and WBD. On Wednesday, President Trump said he will not be involved. So, did the Senate hearing change the odds of the deal moving forward? In this note, we discuss the likely impact of the hearing and Trump’s comments.

What Do Carr’s Comments Mean for WBD Deal?

FCC Chairman Carr has offered his view on potential competition problems with the NFLX/WBD deal. In this note, we analyze how investors should interpret those comments in projecting what the ultimate government decision will be.

Will PSKY's Plan D (or Trump's Post) Derail NFLX's WBD Plans?

PSKY’s amended $30 per share offer for WBD expires next week, on January 21st. In its efforts to have the WBD Board accept its offer, PSKY has turned up the volume of its objections—including on antitrust grounds-- to the WBD Board accepting the NFLX bid. In this note we review the policy aspects of the most recent PSKY strategy, a recent Trump post on the deal, and how they fit into the larger game theory of the battle over WBD.

NXST/TGNA: How will Trump’s New Posts and the WBD Battle Affect the De...

Recently, President Trump posted something the market perceived as negative news for the NXST/TGNA deal, sending both stocks down. We published a note in which we laid out why we believed that the risk to the deal has risen but still thought the odds favored approval. Some have challenged our view, and Trump subsequently directly criticized Nexstar’s news programming. In addition, the battle about WBD media consolidation have dominated headlines. In this note, we address how Trump’s most rece...

An Investor Framework for analyzing the WBD Battle: Phases and Scenari...

Investors are struggling to understand the antitrust and judicial process that will determine who will win WBD’s assets. We thought it would be helpful to frame the (at least three and up to six) phases of the process and the scenarios within each. In this note, we outline those phases and provide policy related guideposts to follow as the game plays out.

5 Things to Know in Investing This Week - The It Just Doesn’t Matter I...

Trump Helps/Hurts/Muddles PSKY Effort, Illustrating Ellison Antitrust ...

President Trump has said that the ownership of CNN must change, a potential sign that he is likely to instruct his DOJ to block the proposed NFLX purchase of WBD, as CNN is not part of the deal, while it would be part of a PSKY deal. In this quick note, we discuss how that comment illustrates the Ellison Antitrust Paradox we wrote about earlier this week.

The Ellison Antitrust Paradox: They Need Trump but Trump Card Could Ba...

PSKY has challenged the WBD board decision to accept the NFLX bid to buy WBD, arguing that WBD is “pursuing an inferior proposal” that would lead to “a challenging regulatory approval process.” In this note we quickly identify several problems with the Ellison approach that we have not seen reflected in the coverage this morning.

Update on WBD: What Trump Transaction Tax Could NFLX Pay?

Yesterday, multiple stories appeared on how the bidding for WBD by PSKY, NFLX and CMSCA is playing out, the biggest one—that WBD is now exclusively negotiating with NFLX—coming out late last night. In this note we update our thinking on the implications of the news and our sense where the game is headed.

As WBD Collects Bids, Has Anything Changed in Likely Government’s Appr...

Bids are due tomorrow for purchasing the WBD’s assets. In this note, we update our thoughts on the government’s likely reaction while also pointing out other market developments that may prove critical to investor thinking about what’s next.

WBD Drama Continues: What are Known Knowns?

The last several weeks have featured tons of analysis about potential bids for WBD. We think it dangerous to have conviction about who will bid what amount for what assets; the potential bids have many known unknowns. One, however, can have conviction about certain principles underlying the government review of the eventual proposed acquisition. In this note we address what we think investors should understand about that review, with some key points at odds with common perceptions.

Trump Administration Confirms Media Antitrust Policy (and It’s Not Abo...

The New York Post just ran a story headlined “Trump Admin Favors Paramount Skydance in Race to Buy Warner Bros. Discovery.” That conclusion is no surprise; it confirms our previous published analysis. It also, however, lays out new information about the Trump approach to reviewing deals, particularly involving media. In this note we analyze what the article signifies, including how it is an effort to lower bidding tension that will result in a “Trump Transaction Tax” on WBD shareholders, and h...

How Would the Government Review a Paramount/WBD Deal

Paramount is reportedly preparing to make an offer to buy WBD. In this note we provide preliminary thoughts on the government review process if Paramount and WBD reach an agreement.

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PSA Media & Entertainment: PSA's Rankings of Video Game Stocks After A...

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