There’s been lots of speculation about Hollywood M&A activity next year, and for all the obvious reasons: a new transactional Trump regime, the end of Lina Khan’s reign at the F.T.C., and of course, the recent one-two punch of Comcast’s SpinCo announcement and Warner Bros. Discovery’s gestural move to reorganize the company by separating its declining cable assets from its growing studio and streaming businesses. There’s also been a lot of chatter that the Ellisons and Gerry Cardinale might engage in some form of a linear roll-up—a deal with a competitor, a spin, etcetera—once their deal to acquire Paramount Global closes, which is expected as soon as the second quarter of 2025.