{
  "id": 17288921,
  "title": "Earnings Season Has an M&A Elephant in the Room",
  "url": "https://urgent.news/2026/10/30/earnings-season-has-an-m-a-elephant-in-the-room",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-30T21:04:21.000Z",
  "source": {
    "name": "TheWrap",
    "slug": "thewrap",
    "url": "https://www.thewrap.com/industry-news/business/business-model-media-m-and-a-skydance/"
  },
  "original_language": "en",
  "account": "As earnings season enters its third quarter, media mergers have become a focal point of discussion. The Skydance deal that concluded Warner Bros. Discovery and the Fox-Roku acquisition are both pending and have already caused ripples in the market. Analyst Doug Creutz, from TD Cowan, stresses that the focus is shifting from deal-making to deal-doing.\n\nCreutz predicts a shift in the media industry, with companies now needing to focus on integrating new assets and how these mergers will impact their competitors. After Paramount's $110 billion acquisition of Warner Bros. Discovery, Creutz is cautious about Skydance's ability to manage integration problems that have plagued other major media mergers.\n\nRegarding streaming, Creutz expects margins to grow at a slower pace than in recent years but anticipates a one-time margin boost from the combination of Paramount+ and HBO Max. He believes that the industry will only return to health if companies abandon standalone DTC products and find ways to bundle content together.\n\nIn terms of Fox's acquisition of Roku, Creutz expects the deal to close in the first quarter. He believes that the deal may offer more than just consolidation and expects investors to be more optimistic.\n\nLooking ahead, Comcast's spinoff of NBCUniversal and Sky remains a potential interesting media asset, despite the uncertainty surrounding Peacock's future. The analyst also notes that Lionsgate is still the subject of M&A speculation, but he doesn't see a deal happening in the near future due to uncertain economics in the TV/film industry.\n\nOn a positive note, new media company Newpress has raised $12 million in funding led by Laurene Powell Jobs' Emerson Collective. The company aims to create a dozen creator-led channels, while marketing services holding company Stagwell acquired Freestar, which helps publishers monetize their content through advertising.",
  "summary": "In this week's The Ledger, analyst Doug Creutz explains how media M&A is shifting from deal-making to deal-doing The post Earnings Season Has an M&A Elephant in the Room appeared first on TheWrap .",
  "key_points": [
    "Skydance deal for Warner Bros. Discovery pending, causing market ripples",
    "Analyst Doug Creutz predicts focus on integration, not just deal-making",
    "Comcast plans to spin off NBCUniversal and Sky, potential media asset"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}