AT&T-Time Warner. Viacom-CBS. Discovery-Warner Bros. The pattern is clear: media mergers destroy value more often than they create it.

This episode explains the business logic that makes these deals look good on paper—synergies, cost cuts, content libraries—and why execution fails. Culture clashes, integration costs, debt loads, and the fundamental problem: content businesses don't scale like tech.

The takeaway: The real reason private equity and tech billionaires keep trying anyway: control of distribution and IP is the prize, not operational efficiency.

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