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Zaz Optionality and Elon’s Complaint

Wall Street’s sharp heel turn on Warner Bros. Discovery has media insiders envisioning an M&A Hail Mary. Plus notes on Musk counter-suing Twitter, Sinema bailing out private equity, and Adam Aron’s APE dividend gimmick.

david Zaslav
David Zaslav, President and C.E.O. of Warner Bros. Discovery. Photo: Kevin Dietsch/Getty Images
William D. Cohan
August 7, 2022

Well, I hate to say I told you so, but it looks like we are heading into the very scenario that I, along with cable pioneer Tom Rogers, hypothesized on Wednesday as being a real possibility—that at some point relatively soon, David Zaslav is going to have “do something” with Warner Bros. Discovery, perhaps even merge with NBCUniversal, to make it a viable long-term enterprise. On Thursday, during WBD’s quarterly earnings call, Zaz lowered his guidance for next year, prompting investors to dump the stock. The question now is whether Wall Street will be patient, or if Zaz’s finger is hovering over Brian Roberts’s name on his speed dial.