Media M&A Mania: The Future of WBD, Broadcast TV & More

Season 10, Episode 3

In this episode of the Know More. Risk Better. podcast, host Zachary Griffiths speaks with Hunter Martin, Head of Media and Cable, and Davis Hebert, Co-Head of High Yield Research and TMT, about the evolving media landscape and M&A activity in 2026. They dive deep into the Warner Brothers Discovery saga, analyzing Netflix’s $83 billion bid versus Paramount’s competing all-cash offer and the credit implications for bondholders. The conversation explores the broader consolidation wave in cable networks, with companies like Versant trading at four times EBITDA and the potential for private equity involvement. They also discuss the sports landscape, examining cord cutting trends, YouTube TV’s new skinny bundles, and how NFL and NBA rights are reshaping the pay TV ecosystem. The episode concludes with insights on broadcast TV deregulation, including the Nexstar-Tegna merger and its impact on the high yield market. Listen now to gain expert perspectives on media sector credit views and strategic positioning opportunities for 2026.

Speakers:

Zachary Griffiths, CFA, Head of US Investment Grade and Macro Strategy, CreditSights:
Zachary leads US investment grade and macro strategy coverage at CreditSights, specializing in rates, inflation, and credit markets with frequent appearances on Bloomberg TV, CNBC, and Yahoo Finance.

Hunter Martin, CFA, Head of Media/Cable, CreditSights: Hunter leads US investment grade media and cable sector coverage at CreditSights, bringing 14 years of BNP Paribas experience and recognition on Institutional Investor’s All-Europe Fixed Income Team.

Davis Hebert, CFA, Co-Head HY Research, Head of Telecom/Media, CreditSights:
Davis leads high yield media and telecom coverage at CreditSights, bringing nearly 20 years of banking experience including four consecutive years ranked #1 in Broadcasting & Publishing.

Timestamps:

00:00 – Introduction
01:30 – Warner Bros Discovery Netflix Bid
06:09 – Fixed Income Investment Recommendations
09:15 – Broadcast TV Deregulation & M&A
16:18 – Sports Landscape and Cord Cutting
22:43 – NFL Rights Critical for Television
28:13 – Cable Network Consolidation Trends
32:53 – Conclusion & Key Takeaways