It’s no exaggeration to say that BrianRoberts has an unyielding appetite for M&A, and that Comcast, with a market value of around $175 billion, has got plenty of ammunition for deals. So how will he throw his weight around in 2024, when streaming is about to get streamlined? In today’s issue, a deeper look at a hypothetical NBCU-WBD merger, and if Roberts will wade into the Paramount Global bake-off.
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Back in 2001, in my past life as an M&A banker at JPMorgan Chase, I played a modest role advising Brian Roberts on Comcast’s blockbuster $72 billion acquisition of AT&T Broadband, the cable business of AT&T. It was not the easiest asset to unlock: Since AT&T Broadband was a subsidiary of AT&T and not its own publicly traded company, it was not as if Comcast could buy stock in AT&T Broadband and then make an offer for the company. If AT&T decided...
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