The Worst Acquisition in History, Again

Scott Galloway dissects the Paramount Skydance acquisition of Warner Bros. Discovery as the latest chapter in a long history of disastrous Warner Bros. M&A deals. He traces the pattern from the 1989 Time-Warner merger through AOL's $167B catastrophe and AT&T's $85B mistake, arguing the new Ellison-led combination inherits $79B in debt, a dying linear TV business, and an AI-driven cost-cutting agenda that will devastate Hollywood jobs. He contrasts WBD's value unfavorably with Disney, notes Netflix's smart exit (pocketing a $2.8B break-up fee and a 14% stock pop), and predicts the combined entity will eventually be sold for parts to Big Tech at fire-sale prices.