Media’s next chapter will be shaped as much by what companies separate and sell as by what they acquire. Faced with declining linear revenues, escalating content and sports costs, technology disruption, and pressure from investors, media companies are reconsidering which assets belong together — and whether scale remains the answer. Leaders from Wall Street and private capital examine the deals, breakups and strategic combinations redrawing the media landscape, what the market will reward and who could emerge stronger from the industry’s next wave of restructuring.

Key Topics:

The M&A, spin-offs, separations and asset sales reshaping media and entertainment
Which businesses need greater scale — and which may be more valuable on their own
What buyers value across studios, streaming, sports, news, broadcast and linear networks
The growing role of private capital and technology companies in media ownership
Whether consolidation can solve fundamental business problems — or merely combine them
How debt, valuations and regulatory scrutiny will determine which deals move forward
The likely winners, losers and acquisition targets in the next phase of restructuring

Moderator: Alex Sherman, Media & Sports Reporter, CNBC

Speakers:

Eric Menell, Global Head, Media and Communications Investment Banking, J.P. Morgan
Jessica Reif Ehrlich, Managing Director, Media & Entertainment, U.S. Equity Research, BofA Securities, Inc
Aaron Sobel, Partner, Apollo Global Management

This session was recorded at NAB Show New York 2026.