# ![@ProfPaulNary Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::570190623.png) @ProfPaulNary Paul Nary

Paul Nary posts on X about $wbd, $psky, $nflx, in the the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::570190623/interactions)
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### Mentions: [--] [#](/creator/twitter::570190623/posts_active)
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- [--] Month [--] -63%
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### Followers: [-----] [#](/creator/twitter::570190623/followers)
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- [--] Week [-----] +2.60%
- [--] Month [-----] +3.80%
- [--] Months [-----] +23%
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### CreatorRank: [-------] [#](/creator/twitter::570190623/influencer_rank)
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### Social Influence

**Social category influence**
[stocks](/list/stocks)  55% [finance](/list/finance)  30% [automotive brands](/list/automotive-brands)  2% [celebrities](/list/celebrities)  1% [social networks](/list/social-networks)  1% [technology brands](/list/technology-brands)  1% [cryptocurrencies](/list/cryptocurrencies)  1%

**Social topic influence**
[$wbd](/topic/$wbd) #3, [$psky](/topic/$psky) #8, [$nflx](/topic/$nflx) #356, [in the](/topic/in-the) 10%, [warner bros](/topic/warner-bros) #351, [business](/topic/business) 7%, [investment](/topic/investment) 6%, [acquisition](/topic/acquisition) #669, [at least](/topic/at-least) 5%, [ceo](/topic/ceo) 4%

**Top accounts mentioned or mentioned by**
[@12co08](/creator/undefined) [@asifsuria](/creator/undefined) [@laurenthomas](/creator/undefined) [@wsj](/creator/undefined) [@mattjmcclintock](/creator/undefined) [@peoperator](/creator/undefined) [@paulswaney3](/creator/undefined) [@davidbrail](/creator/undefined) [@boringbiz](/creator/undefined) [@jbflint](/creator/undefined) [@laurenshirsch](/creator/undefined) [@99paul99](/creator/undefined) [@francoolivera](/creator/undefined) [@jeffmacke](/creator/undefined) [@rogoswami](/creator/undefined) [@debtserious](/creator/undefined) [@philippenyssen](/creator/undefined) [@patrickoshag](/creator/undefined) [@annaknicolaou](/creator/undefined) [@jfkamerica](/creator/undefined)

**Top assets mentioned**
[Warner Bros Discovery, Inc. (WBD)](/topic/$wbd) [Paramount Skydance Corporation Class B Common Stock (PSKY)](/topic/$psky) [Netflix Inc (NFLX)](/topic/$nflx) [Treehouse Foods, Inc. (THS)](/topic/$ths) [Topgolf Callaway Brands Corp. (MODG)](/topic/$modg) [Walmart, Inc. (WMT)](/topic/$wmt) [Toyota Motor Corporation (TM)](/topic/$tm) [GM (GM)](/topic/$gm) [Versant Media Group, Inc. Class A Common Stock (VSNT)](/topic/$vsnt) [GameStop, Corp. (GME)](/topic/$gme)
### Top Social Posts
Top posts by engagements in the last [--] hours

"The ability to precisely align attractive managerial incentives with ROI is one of the more effective PE tools This is much tougher to do in a large corporation especially a large public diversified firm. But some do manage to implement a version of this - e.g. Danaher/etc. Hard to believe but this was normal in the 1980s. https://t.co/QKWmZFVP4b Hard to believe but this was normal in the 1980s. https://t.co/QKWmZFVP4b"  
[X Link](https://x.com/ProfPaulNary/status/2014686435803123732)  2026-01-23T13:07Z [----] followers, [----] engagements


"@JeffMacke As a casual observer one interesting factor for me is that I just never hear regular people talk about Peloton anymore. But not sure if thats anything meaningful"  
[X Link](https://x.com/ProfPaulNary/status/2019389770154275189)  2026-02-05T12:36Z [----] followers, [--] engagements


"Its ironic that one of the landmark (and very relevant) Revlon duties cases for $WBD involved Paramount() as the target refusing to engage with a bidder (QVC) challenging its signed [----] deal with Viacom Viacom won at the end but not before sweetening the deal significantly"  
[X Link](https://x.com/ProfPaulNary/status/2022291193640460347)  2026-02-13T12:46Z [----] followers, [---] engagements


"So yes when it comes to which bid makes more sense for $WBD shareholders I think I'm team $PSKY now. More details on $PSKY new offer are in the SEC filings: https://www.sec.gov/Archives/edgar/data/1437107/000110465926012403/tm2533570d50_ex99-1.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012397/tm2533570d52_sctota.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012403/tm2533570d50_ex99-1.htm https://www.sec.gov/Archives/edgar/data/1437107/000110465926012397/tm2533570d52_sctota.htm"  
[X Link](https://x.com/ProfPaulNary/status/2021269167140196385)  2026-02-10T17:04Z [----] followers, [---] engagements


"Cleaned up notes"  
[X Link](https://x.com/ProfPaulNary/status/2021300099033276650)  2026-02-10T19:07Z [----] followers, [---] engagements


"And here we are still waiting for that improved $PSKY offer for $WBD While were at it lets just be honest: $PSKY has maybe a 5-10% chance of winning if they stick with the current strategy/bid. Advisors like Blair Effron have to talk the talk but. Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit of Warner Bros. Read about that + more highlights from todays @WSJ Invest Live event down in Palm Beach. 🔥🔥 https://t.co/Jdd26sU4op Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit"  
[X Link](https://x.com/ProfPaulNary/status/2018832516933632275)  2026-02-03T23:42Z [----] followers, [----] engagements


"@rogoswami I agree this may actually be quite a nuanced strategy for $PSKY and a more substantial step towards giving $WBD no choice but to to engage given it addressed pretty much most of the board's originally cited concerns other than the headline price. https://x.com/ProfPaulNary/status/2021300099033276650s=20 Cleaned up notes https://t.co/smTb8Nwpsk https://x.com/ProfPaulNary/status/2021300099033276650s=20 Cleaned up notes https://t.co/smTb8Nwpsk"  
[X Link](https://x.com/ProfPaulNary/status/2021301747411571012)  2026-02-10T19:14Z [----] followers, [---] engagements


"First I don't think that it's a given that DG shares will be worth $2.25 and the underlying complexity and uncertainty of having a cash component and the spinoff do not help. And this is before we even consider the A/T issues/etc. Second we are in agreement that $WBD wants a higher number from $PSKY and it still may get it. This new offer serves to properly position all of the other pieces of the deal in place before the best and final number is on the table. https://twitter.com/i/web/status/2021360513842626824 https://twitter.com/i/web/status/2021360513842626824"  
[X Link](https://x.com/ProfPaulNary/status/2021360513842626824)  2026-02-10T23:07Z [----] followers, [--] engagements


"@12Co08 $11 to unimaginable levels WBD began trading at around $24 when it was spun off from AT&T in combination with Discovery in April of [----]. Zaslav had done nothing for $WBD shareholders but lose their money before the sale opportunity. https://www.reuters.com/business/warner-bros-discovery-shares-climb-first-trading-day-2022-04-11/ https://www.reuters.com/business/warner-bros-discovery-shares-climb-first-trading-day-2022-04-11/"  
[X Link](https://x.com/ProfPaulNary/status/2021365089983676695)  2026-02-10T23:26Z [----] followers, [--] engagements


"It's a good and valid question. The deal structure with the outside partners looks stronger and Paramount wouldn't pull this off alone. And whether it's ultimately the right move for Paramount is a whole different question and I have some strong opinions there. But for now the big question is what's best for $WBD shareholders (which includes things like closing risk of course)"  
[X Link](https://x.com/ProfPaulNary/status/2021366428985676175)  2026-02-10T23:31Z [----] followers, [--] engagements


"I'm often confused but this is not one of those times. You're missing the fact that $WBD underperformed under Zaslav's leadership. Are you praising the CEO who steered the company from $24/share to your $11/share and was only able to get the price to recover by selling the firm All the best. https://twitter.com/i/web/status/2021367868609183925 https://twitter.com/i/web/status/2021367868609183925"  
[X Link](https://x.com/ProfPaulNary/status/2021367868609183925)  2026-02-10T23:37Z [----] followers, [--] engagements


"@MattJMcClintock Interestingly for a variety of reasons Lego had benefitted from bringing its manufacturing in-house after outsourcing. Apple also made some vertical moves that paid off - stores semis etc"  
[X Link](https://x.com/ProfPaulNary/status/2021575101183853023)  2026-02-11T13:20Z [----] followers, [---] engagements


"@PEoperator @paulswaney3"  
[X Link](https://x.com/ProfPaulNary/status/2021576742784090327)  2026-02-11T13:27Z [----] followers, [--] engagements


"@AsifSuria @DavidBrail Yes being explicit is important in terms of addressing that $4.7B gap that WBD called out in its earlier rejection. As far as what it takes to win here are some patterns from my own data:"  
[X Link](https://x.com/ProfPaulNary/status/2021710844590195184)  2026-02-11T22:20Z [----] followers, [--] engagements


"@DavidBrail @AsifSuria Thus $WBD now really has two choices: 1) Admit Paramount improved its offer and responded to their earlier concerns and be open to discuss even if the price isnt there yet 2) Dismiss the new offer and move the goalposts again citing some new/other reasons (less credible)"  
[X Link](https://x.com/ProfPaulNary/status/2021935065371226543)  2026-02-12T13:10Z [----] followers, [--] engagements


"Yes agreed. 1) So far the reaction is subdued which is not surprising since the headline price is unchanged and most focus on that 2) There is a difference between public and private support from the shareholders but at least publically we don't seem to have a great idea yet. We do know they are trying to get more shareholders to publically come out supporting Paramount. 3) The key test is whether WBD wants to play along and talk to Paramount or if it outright rejects it again and then the shareholder reaction to that. 4) Paramount has made it very clear that they're making concessions to"  
[X Link](https://x.com/ProfPaulNary/status/2022323864747790457)  2026-02-13T14:55Z [----] followers, [--] engagements


"@debt_serious @BoringBiz_ I understand the need for variety and I like case studies. But whether there is a specifically valuable perspective beyond that"  
[X Link](https://x.com/ProfPaulNary/status/2022341603852169436)  2026-02-13T16:06Z [----] followers, [--] engagements


"Discussing the nuances of corporate venture capital in my MBA class this morning. Is there anything interesting happening in that world aside from the recent AI investment rush"  
[X Link](https://x.com/ProfPaulNary/status/2019021130321866832)  2026-02-04T12:12Z [----] followers, [---] engagements


"I'd love to see a detailed breakdown of 3G Capital's investment/returns from Kraft+Heinz Makes sense that the Heinz investment made $ given their early successes there but Kraft Heinz with its tens of billions of dollars in shareholder value losses is a whole another story. @philippenyssen @patrick_oshag https://t.co/BxteMEbqPR @philippenyssen @patrick_oshag https://t.co/BxteMEbqPR"  
[X Link](https://x.com/ProfPaulNary/status/2019417651026751541)  2026-02-05T14:27Z [----] followers, [---] engagements


"For me the 3G Capital debacle and their role in Kraft Heinz transaction is yet another illustration that there isn't always a good fit between the business and the owner even when that owner is otherwise very competent with some other businesses and value creation strategies"  
[X Link](https://x.com/ProfPaulNary/status/2019417652813599176)  2026-02-05T14:27Z [----] followers, [---] engagements


"As someone who follows large public M&A deals and studies M&A failures and potential risk factors I'd just like to note that while there is certainly value creation potential for $NFLX with $WBD the risks of fumbling such a large complex transaction and integration due to many distinct factors are rather significant here. This is even more relevant given that a) $NFLX has little to no experience with large transactions or with running many of $WBD businesses and b) that media and entertainment M&A are a graveyard of well-intentioned deals as I've posted before. Obviously NOT investment advice"  
[X Link](https://x.com/anyuser/status/2019428299005448462)  2026-02-05T15:10Z [----] followers, [----] engagements


"Talking about serial M&A horizontal acquisitions and rollups in my MBA M&A class this morning. For rollups and similar aggressive inorganic strategies using some of the thoughts shared here earlier: Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts on the success and failure of rollup strategies: 1) Value creation/capture strategy: Strategy should drive everything. How are you intending to create Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts"  
[X Link](https://x.com/ProfPaulNary/status/2020846593952317696)  2026-02-09T13:05Z [----] followers, [----] engagements


"Also using TreeHouse Foods as an example when these strategies fail: https://x.com/ProfPaulNary/status/1897309885274185739s=20 1/ Aggressive M&A can propel growth or kill it Consider TreeHouse Foods: $THS grew aggressively in the last [--] years esp. 2006-2016 mostly via M&A 15-20 deals worth $5B Now its EV is below $3B and the last decade has been a struggle I think bad M&A is a major factor👇 https://t.co/NPcIRwT0Ay https://x.com/ProfPaulNary/status/1897309885274185739s=20 1/ Aggressive M&A can propel growth or kill it Consider TreeHouse Foods: $THS grew aggressively in the last [--] years esp."  
[X Link](https://x.com/ProfPaulNary/status/2020846595554545945)  2026-02-09T13:05Z [----] followers, [---] engagements


"RT @ProfPaulNary: Talking about serial M&A horizontal acquisitions and rollups in my MBA M&A class this morning. For rollups and similar"  
[X Link](https://x.com/anyuser/status/2020905573617672698)  2026-02-09T17:00Z [----] followers, [--] engagements


"Paramount has a new offer for WBD Is it a superior proposal Well maybe. Paramount has been quiet lately and as I suspected an improved offer was in the works Some $WBD investors may be disappointed that the new offer is still $30 cash with a small addition of a ticking fee if the deal doesn't close in [----] but that may be a strategic decision on part of $PSKY And sure at first it may seem like only an incremental improvement and yes $WBD shareholders would have liked more cash. Yet there are multiple significant improvements here that address many of the key WBD board concerns and make this"  
[X Link](https://x.com/anyuser/status/2021269165319803109)  2026-02-10T17:04Z [----] followers, [----] engagements


"At first I was skeptical about Mr. Effron's comment a week ago (below) but with the updated offer today I see a higher-probability path to $PSKY potentially winning Of course it still depends on the response from $WBD and $NFLX and how $PSKY reacts https://x.com/laurenthomas/status/2018819864689791199s=20 Blair Effron of Centerview Partners told me Paramount Skydance is absolutely going to prevail in its pursuit of Warner Bros. Read about that + more highlights from todays @WSJ Invest Live event down in Palm Beach. 🔥🔥 https://t.co/Jdd26sU4op"  
[X Link](https://x.com/ProfPaulNary/status/2021306420424015924)  2026-02-10T19:32Z [----] followers, [---] engagements


"Looks like Paramount is getting more support in its battle for Warner as activist Ancora joins the fray. And given the more serious nature of the updated offer and the investor sentiment so far this wont be the only vocal supporter of $PSKY in the coming weeks"  
[X Link](https://x.com/ProfPaulNary/status/2021393449573052754)  2026-02-11T01:18Z [----] followers, [----] engagements


"Talking about vertical integration and vertical M&A in my Wharton MBA M&A/CorpDev class this morning. You'll often hear management justify vertical deals with reasons like margin expansion and access. Most of the time this is wishful thinking and vertical integration is unnecessary. Moreover the indirect costs of vertical integration are often high and coordination and performance require experience and capabilities that many of the vertical dreamers do not have. Since media and entertainment are in the news with the battle for WBD worth noting that most vertical deals in that space usually"  
[X Link](https://x.com/ProfPaulNary/status/2021566021505519908)  2026-02-11T12:44Z [----] followers, 12.7K engagements


"Huh. The person tasked with leading the review of WBDs deal with Netflix (and Paramounts hostile) has just resigned. The person tasked with leading the review of WBDs deal with Netflix (and Paramounts hostile) has just resigned"  
[X Link](https://x.com/ProfPaulNary/status/2021987329532146057)  2026-02-12T16:38Z [----] followers, [---] engagements


"This makes complete sense since: A) Pentwater focuses on opportunistic merger arb/special sits investments and it has well over a half a billion dollar exposure to $WBD deal B) Pentwater's Halbower is on the record as a vocal supporter of $PSKY bid and a higher cash price Paramount is in discussions to nominate Pentwater Capital Management a top Warner Bros Discovery shareholder that has voiced support for its rival bid to the studio and streaming giants board as it seeks to derail Netflixs takeover. Scoop with @annaknicolaou & @JFK_America https://t.co/t6pIYW91zs Paramount is in discussions"  
[X Link](https://x.com/ProfPaulNary/status/2022020206147887319)  2026-02-12T18:49Z [----] followers, [----] engagements


"Paramount/Ellisons leaving no stone unturned in locating any source of added leverage for their renewed push to win $WBD As I wrote Tuesday the new offer made it clear that they regrouped and were approaching this thoughtfully Yet the markets fixated on the headline price. Scoop: CNN has learned that Paramount CEO David Ellison returned to the White House last week to meet privately with President Trump amid Paramounts ongoing hostile takeover bid for Warner Bros. Discovery. https://t.co/WXkPOdtaK6 https://t.co/EARdCS51FZ Scoop: CNN has learned that Paramount CEO David Ellison returned to the"  
[X Link](https://x.com/ProfPaulNary/status/2022085854441976028)  2026-02-12T23:10Z [----] followers, [----] engagements


"@BoringBiz_ The Outsiders is severely overrated"  
[X Link](https://x.com/ProfPaulNary/status/2022291558460969033)  2026-02-13T12:47Z [----] followers, [----] engagements


"Add this one to the list of everything Paramount is doing to increase their chances of making WBD happen. Paramount Skydance Hires Former Trump White House Lawyer as Head of Global Public Policy https://t.co/JZx8PBwCyr Paramount Skydance Hires Former Trump White House Lawyer as Head of Global Public Policy https://t.co/JZx8PBwCyr"  
[X Link](https://x.com/ProfPaulNary/status/2022447574100144387)  2026-02-13T23:07Z [----] followers, [---] engagements


"Another interesting deal moving forward as troubled TreeHouse Foods publicly confirming they're being acquired by a PE firm. I previously wrote about the long-term failure of $THS inorganic growth strategy that led to underperformance activist attention and this sale. Investindustrial to Acquire TreeHouse Foods $THS for $2.9 Billion - 🍫TreeHouse Foods shareholders will receive $22.5 per share in cash for each share of common stock owned at closing and one non-transferable Contingent Value Right (CVR) per common share. 🍫The CVR will provide https://t.co/7F4OXhxGZ5 Investindustrial to Acquire"  
[X Link](https://x.com/ProfPaulNary/status/1987885367715156141)  2025-11-10T14:09Z [----] followers, [---] engagements


"The original acquisition of Topgolf by Callaway was a reasonably predictable failure in the making. If the $1B tag is the total value of the deal that's already $1B in shareholder value destruction not counting the bleeding over the last few years. Not surprising that the buyer is a PE firm it will take some work to get Topgolf fixed up after Callaway's inept management of the business it had no business of managing. ⛳⛳⛳Scoop: Topgolf Callaway Brands is in talks to sell its Topgolf business to PE firm Leonard Green. $MODG W/ @JenKayW and @miriamgottfried https://t.co/2J4lgdAFMq ⛳⛳⛳Scoop:"  
[X Link](https://x.com/ProfPaulNary/status/1990416810659725421)  2025-11-17T13:48Z [----] followers, 11.7K engagements


"Why does it seem like almost every fast food or fast casual chain is currently in some phase of a turnaround effort"  
[X Link](https://x.com/ProfPaulNary/status/1990816742717665636)  2025-11-18T16:17Z [----] followers, [---] engagements


"This is a pretty good book on M&A that summarizes quite a bit of more recent research into the factors connected to success and failure of these transactions. I'd add a few more chapters from my perspective but it does cover a good chunk of what we know about M&A from decades of prior work. That said the main study in the book at least based on the description is not convincing and would not pass the bar of peer review at a top journal. I do get that it's a useful framing device that brings the book together. But from a knowledge perspective it's really unnecessary because it's not"  
[X Link](https://x.com/ProfPaulNary/status/1992990355411636330)  2025-11-24T16:15Z [----] followers, 24.7K engagements


"Research doesn't reveal the exact numbers but those are certainly important Too many people treat valuation and underwriting as a simple modeling exercise when there's so much more to it. Integration critical as well - I spend a 1/4 of my M&A class focusing on integration planning strategies and challenges"  
[X Link](https://x.com/ProfPaulNary/status/1993066573897007411)  2025-11-24T21:17Z [----] followers, [---] engagements


"This is pretty wild: almost $700B in active PubCo deals are underway. At least for the time being M&A is so back. I'd classify the current M&A market as "bonkers". The [--] announced and not yet closed public mergers in the US is a record amount (since inception of my merger model in [----] which includes [----] public US M&A transactions). The implications are positive not only for merger https://t.co/QqvbcVk16j I'd classify the current M&A market as "bonkers". The [--] announced and not yet closed public mergers in the US is a record amount (since inception of my merger model in [----] which includes"  
[X Link](https://x.com/ProfPaulNary/status/1993313281113829887)  2025-11-25T13:38Z [----] followers, [----] engagements


"1/ This 33yo academic paper on the history of Beatrice Foods over [---] years prior to a KKR LBO is one of the best corporate strategy/M&A case studies As I prep to use it in my @Wharton MBA class I am reminded that it has something for everyone 👇(long) https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1992.tb04006.x https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1992.tb04006.x"  
[X Link](https://x.com/ProfPaulNary/status/1996274783118397793)  2025-12-03T17:46Z [----] followers, 34.8K engagements


"2/ The broad story is similar to many top US firms that grew into huge conglomerates in the 20th century. Beatrice moved from organic to inorganic growth first taking advantage of opportunities for consolidation within the dairy industry and expanding geographically and then expanding into other food-related businesses and finally after WW2 shifting from related (dairy and food) to unrelated (printing chemicals) diversification. The diversification and decentralization program worked well until it did not and as the conglomerate era ended and a key CEO departed the firm was left a jumble of"  
[X Link](https://x.com/ProfPaulNary/status/1996274786209575024)  2025-12-03T17:46Z [----] followers, [----] engagements


"3/ The playbooks are generally simple and familiar as well: First Beatrice took advantage of inorganic growth opportunities in the dairy industry through consolidation and geographic expansion Second Beatrice engaged in related diversification into adjacent foods businesses executing on a similar playbook. Third Beatrice engaged into unrelated diversification transforming into a large conglomerate. But it was not until Beatrice ran into antitrust challenges in the 1950s especially for its dairy business preventing it from more related diversification that it even considered the increasingly"  
[X Link](https://x.com/ProfPaulNary/status/1996274789082689639)  2025-12-03T17:46Z [----] followers, [----] engagements


"As the details of Netflix deal to acquire $WBD studio and streaming assets come out I remain skeptical about whether it will create value for $NFLX shareholders. Its certainly risky. Its big. It will be complex to structure given the necessary $WBD breakup and it will be costly and challenging to integrate. Netflix has no experience with deals at this scale. There will be many cultural political structural and other issues to resolve to get everything working together. Integration strategy will be paramount (pun intended). Meanwhile $NFLX is projecting significant cost synergies. Not to"  
[X Link](https://x.com/ProfPaulNary/status/1996926538281816236)  2025-12-05T12:56Z [----] followers, [----] engagements


"@Peter_Atwater I dont quite get it either. But if anything $WMT toned down their tech ambitions since going on a major tech investment spree between 2012-2022. It worked well for them to build omnichannel capabilities but since then they curtailed investment and dialed back the techiness"  
[X Link](https://x.com/ProfPaulNary/status/1998378548596506806)  2025-12-09T13:05Z [----] followers, [--] engagements


"Yes I wish we could take the politics out of the antitrust merger review process but that's not going to happen. Yet even politics aside it would be impossible to design something close to a simplified objective set of standards. There are simply too many factors too many views too many questions and stakeholders. With apologies to my economist friends there is no settled science here unless you take an extremely narrow and abstract view. The key question of market definition alone is a minefield and will likely continue to be debated for decades to come. In fact I recently attended a small"  
[X Link](https://x.com/ProfPaulNary/status/1998395229926240475)  2025-12-09T14:12Z [----] followers, [---] engagements


"1/ $WBD deal is not done yet This is just like Super Bowl for me Given the recent hostile $PSKY bid following the deal with Netflix everything is in flux. That said none of this is truly extraordinary I've been talking to a lot of people about this so here are some notes👇"  
[X Link](https://x.com/ProfPaulNary/status/1998419237770248519)  2025-12-09T15:47Z [----] followers, [---] engagements


"7/ And even though this is a hostile/unsolicited bid from $PSKY there is ultimately very little chance of success for them unless the board and management of $WBD deem this or future offer a superior acquisition proposal formalize the terms and advise the shareholders to accept it. In the meantime clearly there is no love lost between $PSKY and $WBD although $PSKY does offer some fair questions about the process and assumptions (see my comments in red below)"  
[X Link](https://x.com/ProfPaulNary/status/1998419250747187544)  2025-12-09T15:47Z [----] followers, [--] engagements


"8/ As far as bidding wars go so far so good for $WBD shareholders except that the markets and so many of the stakeholders are skeptical about any future form of this deal getting past merger review and closing. And ultimately the final price tag does not matter if the merger with whoever is the winner does not get approved. Originally $WBD claimed $NFLX has an easier path $PSKY claims they will get through the review faster and easier (and they do have government ties) yet. this is where the uncertainty is still pretty high to me although I'm certainly no antitrust lawyer so take it with a"  
[X Link](https://x.com/ProfPaulNary/status/1998419253603479566)  2025-12-09T15:47Z [----] followers, [---] engagements


"After reading the latest accounts of Paramount Skydance bidding for $WBD all I can think about is this Succession scene"  
[X Link](https://x.com/ProfPaulNary/status/1998720308937699471)  2025-12-10T11:43Z [----] followers, [----] engagements


"Arguably the NFT boom even makes the Tulip mania look rational. Whatever Happened to NFTs "It was a huge misallocation of capital for individuals and collectively a waste of $50 billion. Say what you will about the AI Capex frenzy it looks almost rational in comparison to the NFT boom and bust." https://t.co/0DLMOIPnn7 by @Ritholtz https://t.co/XO4PBHtBdY Whatever Happened to NFTs "It was a huge misallocation of capital for individuals and collectively a waste of $50 billion. Say what you will about the AI Capex frenzy it looks almost rational in comparison to the NFT boom and bust.""  
[X Link](https://x.com/ProfPaulNary/status/1998767245455962371)  2025-12-10T14:50Z [----] followers, [---] engagements


"Some expansion diversification and integration strategies work well others do not. What matters is the specific strategy behind the choice. While I get the high level change in $NFLX strategy I have not seen a specific well-articulated strategy in the context of $WBD deal. Netflix co-CEO Greg Peters (from the @AcquiredFM interview): "We really felt that focus and being limited in what we did for a long period of time especially as there was this big structural shift in how entertainment was being distributed was the way to win - and I think Netflix co-CEO Greg Peters (from the @AcquiredFM"  
[X Link](https://x.com/ProfPaulNary/status/1998770278898253912)  2025-12-10T15:02Z [----] followers, [---] engagements


"Another thought given $PSKY $WBD $NFLX drama: I talk to CEOs other execs investors all the time. Some of you may be surprised at how much emotions and hurt feelings drive some of the people behind the billion dollars decisions. Or maybe I was the naive one 😅"  
[X Link](https://x.com/ProfPaulNary/status/1998809561747316801)  2025-12-10T17:38Z [----] followers, [---] engagements


"Why would $WBD put in a poison pill The company is in play and $PSKY made a hostile but not unreasonable offer that may or may not be superior to $NFLX. At the end of the day this is about creating the most value for the shareholders. Im not a lawyer but in my interpretation poison pills today are generally restricted to cases where hostile acquirers are opportunistic perhaps during periods of crisis/etc. and most importantly. where there is a compelling case to be made that a deal is definitely not in shareholders best interests. It would be tough to argue that a multiple bidder situation"  
[X Link](https://x.com/ProfPaulNary/status/1999127601579773957)  2025-12-11T14:42Z [----] followers, [----] engagements


"Just as we thought. As Ive mentioned before it would be very very unlikely for $PSKY to win $WBD with a $30 offer cash or not. Much more likely to have to come up to $33-35 and even then it depends on whether or not $NFLX decides to sweeten its offer. SCOOP: Paramount Skydance is considering raising its takeover offer for Warner Bros. Discovery by as much as 10% as it plots its next move to break up a merger agreement with Netflix The Post has learned. $WBD $PSKY $NTFLX https://t.co/VAYiUQhiCm SCOOP: Paramount Skydance is considering raising its takeover offer for Warner Bros. Discovery by as"  
[X Link](https://x.com/ProfPaulNary/status/1999268470538797509)  2025-12-12T00:02Z [----] followers, [----] engagements


"Had a chat with folks at @FortuneMagazine about the continuing battle over $WBD https://fortune.com/2025/12/13/warner-takeover-bidding-war-netflix-paramount-bidding-war-legal-history/ https://fortune.com/2025/12/13/warner-takeover-bidding-war-netflix-paramount-bidding-war-legal-history/"  
[X Link](https://x.com/ProfPaulNary/status/2000934949541830841)  2025-12-16T14:24Z [----] followers, [---] engagements


"Strategy is hard when you have to make big long-term resource allocation decisions under uncertainty. As I teach in my MBA class the answer is to build a more holistic portfolio of options and bets. I actually use a GM EV investment case in class. Where both $F and $GM failed is in their decision to invest too much too soon in resources with high specificity yet uncertain future value. In short this was avoidable at least in terms of being able to contain potential losses limiting them to a much lower number. The Ford $F news is huge. One of the biggest corporate write offs in years. Detroit"  
[X Link](https://x.com/ProfPaulNary/status/2000945374459027896)  2025-12-16T15:05Z [----] followers, [----] engagements


"The point is not to avoid EVs it is to invest smarter with a more long-term orientation while managing risks to spread and hedge your bets then increase commitment as the uncertainty is resolved. The main issue was that instead of doing that GM and Ford were placing fewer but larger/multibillion dollar early bets on unproven technologies and partners and uncertain demand. By the way this is nothing new or particularly unique but rather something that happens every time during a massive tech shift so we *should* know a little better. Massive overinvestment occurs. Early entrants do not"  
[X Link](https://x.com/ProfPaulNary/status/2001044063806792045)  2025-12-16T21:37Z [----] followers, [---] engagements


"As expected Warner Bros Discovery rejected $PSKY $30 offer sticking with $NFLX Whats more as a part of the SC14D9 filing with SEC we now have a detailed albeit sanitized description of what actually went on during $WBD sales process Ive read through at least a thousand of these filings and this one does not disappoint with drama and some insights into behind the scenes of the process. It is very detailed especially in its descriptions of many interactions with $PSKY reps which is not surprising given allegations put forth by Ellisons and co. A few thoughts: 1) WBD ran a reasonably clean"  
[X Link](https://x.com/ProfPaulNary/status/2001276811511033965)  2025-12-17T13:02Z [----] followers, 21.5K engagements


"Didnt say $NFLX was better (in many regards cleaner perhaps) just that $PSKY failed to deliver a clearly superior offer and thats pretty obvious especially after reading the new filing. But yes regulatory approval is a huge factor and I 100% agree that there is a big risk $WBD shareholders are worse off a year or two from now given regulatory challenges but potentially even if $PSKY wins too"  
[X Link](https://x.com/ProfPaulNary/status/2001449051506507983)  2025-12-18T00:26Z [----] followers, [---] engagements


"This is a sign that $PSKY is still serious about beating $NFLX in the battle for $WBD A stronger financing structure is one of the key pieces of putting together a competitive bid that may result in a superior proposal. Yet I still not sure $30 is enough to sway $WBD board. Larry Ellison agrees to personally guarantee $40.4 billion of equity financing for Paramount's offer to acquire Warner Discovery. From @laurenthomas https://t.co/mgUDx2nTcB Larry Ellison agrees to personally guarantee $40.4 billion of equity financing for Paramount's offer to acquire Warner Discovery. From @laurenthomas"  
[X Link](https://x.com/ProfPaulNary/status/2003130826574516592)  2025-12-22T15:49Z [----] followers, [----] engagements


"Everybody wanted to talk about the $WBD Netflix and Paramount Skydance love triangle last week. Here is an AP article where I shared some of my thoughts on the matter: whoever wins there is very possibly a winners curse scenario unfolding. https://apnews.com/article/warner-netflix-paramount-regulations-doj-7ead62794f0073859c4f5d24bcc81db9 https://apnews.com/article/warner-netflix-paramount-regulations-doj-7ead62794f0073859c4f5d24bcc81db9"  
[X Link](https://x.com/ProfPaulNary/status/2003171016340848894)  2025-12-22T18:29Z [----] followers, [---] engagements


"@SMB_Attorney Nice Curious if you have a breakdown by industry/business type and whether you think its fairly representative of the LMM market as a whole"  
[X Link](https://x.com/ProfPaulNary/status/2008547337107538256)  2026-01-06T14:32Z [----] followers, [---] engagements


"One of the most interesting features of the PE business model is that just about everything is aligned/linked to return on investment Orlando Bravo on the role of private equity in the US economy and society "It is a great change agent. It is a business similar to venture where what matters is the returns that you put up. You have incredible alignment with the sources of capital. They give you the money and https://t.co/zQjKRVB9Bl Orlando Bravo on the role of private equity in the US economy and society "It is a great change agent. It is a business similar to venture where what matters is the"  
[X Link](https://x.com/ProfPaulNary/status/2008572001993347544)  2026-01-06T16:10Z [----] followers, [---] engagements


"All assets/businesses are different but $VSNT debut certainly doesn't make $NFLX $WBD deal structure look more attractive especially combined with the decline in $NFLX shares below the collar However valuation still close enough to where $PSKY $30 bid isn't clearly superior People close to Paramount tell me that the way Versant has traded (horribly) affirms the $1-per-share valuation theyve put on CNN spinco. It also makes it harder for $PSKY to justify a big bump in their $WBD bid. Still waiting on Warners formal rejection People close to Paramount tell me that the way Versant has traded"  
[X Link](https://x.com/ProfPaulNary/status/2008625206328213835)  2026-01-06T19:42Z [----] followers, [---] engagements


"There is some truth to types of value directors can add without specific industry experience yet this is a rather one-sided view There is enough academic research that shows how directors add value in multiple other ways: bringing in outside practices using connections etc. Reed explains that the job of a board member is not to add value or give advice. It is to replace the CEO: "If the company falls apart I will be part of replacing the CEO. That's basically the entire job. To have the confidence to do that you have to learn the business. Board https://t.co/JTXVSFtBbv Reed explains that the"  
[X Link](https://x.com/ProfPaulNary/status/2008637948590518503)  2026-01-06T20:33Z [----] followers, [---] engagements


"1/ As expected $WBD board recommends against $PSKY latest bid I read $WBD filings and here is my analysis as an M&A professor and some thoughts: Again the rejection is not surprising as it's hard to make a case that the current $30 $PSKY bid is clearly superior to $NFLX offer. Moreover this bid has only been somewhat improved from the one $WBD already deemed inferior to $NFLX offer. Why would the board change its mind $WBD cited four main reasons for the rejection: [--] + [--] ) "Insufficient risk-adjusted value" and "significant costs. adverse terms" This is probably mostly fair at least in that"  
[X Link](https://x.com/ProfPaulNary/status/2008940664122187923)  2026-01-07T16:35Z [----] followers, [----] engagements


"2/ Few additional thoughts on the above: -It's clear that $WBD board and leadership just want to move on. I don't think significantly prolonging the process and offering incremental concessions from $PSKY or much less engaging in a public showdown is going to help. If $PSKY is in it to win it they need to put together one final compelling offer that will get the board's and the investors' attention. -The "biggest most uncertain LBO" angle is a new one from the $WBD board. I wonder who came up with that. It certainly drives a compelling narrative but I don't know if I agree with that"  
[X Link](https://x.com/ProfPaulNary/status/2008940665971822853)  2026-01-07T16:35Z [----] followers, [---] engagements


"3/ Interesting to think of a few deal precedents here in terms of closing risk and renegotiation. There are more but three come to mind: A) Elon Musk's Twitter buyout: here we have a wheeler-dealer acquirer a huge transaction and a complex group of equity and financing counterparties. And at some point the acquirer tries to get out of the deal. However the contract and the DE court precedent is strong enough to where Musk has no choice but to close on the original terms. B) LVMH acquisition of Tiffanys: here we have another master dealmaker trying to first get out of the deal then renegotiate"  
[X Link](https://x.com/ProfPaulNary/status/2008940667574038670)  2026-01-07T16:35Z [----] followers, [---] engagements


"4/ What would it take for $PSKY to win $WBD I don't think the current bid is going anywhere and neither litigation nor a PR campaign nor an incremental improvement is going to make things happen for $PSKY If I were to advise them here are three key recommendations for what I think should be their final clearly superior acquisition proposal: A) Cash bid in the $33-35 range B) A simpler more ironclad irrevocable proposal that incorporates stronger guarantees and addresses many of $WBD concerns with respect to counterparty financing and closing risks (which $PSKY already started with a personal"  
[X Link](https://x.com/ProfPaulNary/status/2008940669058855117)  2026-01-07T16:35Z [----] followers, [---] engagements


"5/ Here is a slightly cleaner version of this post that I'm saving to use in my MBA class later this semester. Still very much a quick and rough analysis"  
[X Link](https://x.com/ProfPaulNary/status/2008948029668397181)  2026-01-07T17:05Z [----] followers, [---] engagements


"@JulianKlymochko The rejection is not surprising at all and I don't think $PSKY can win it unless they deliver a clearly superior proposal. I really love following this deal and the associated drama. https://x.com/ProfPaulNary/status/2008940664122187923s=20 1/ As expected $WBD board recommends against $PSKY latest bid I read $WBD filings and here is my analysis as an M&A professor and some thoughts: Again the rejection is not surprising as it's hard to make a case that the current $30 $PSKY bid is clearly superior to $NFLX https://x.com/ProfPaulNary/status/2008940664122187923s=20 1/ As"  
[X Link](https://x.com/ProfPaulNary/status/2008952099741032834)  2026-01-07T17:21Z [----] followers, [---] engagements


"@SouthEndAV I think the main issue is that there is so much uncertainty the math is fuzzy and there are moving pieces. Anyone who claims they can weigh one precisely vs. the other is probably wrong or lying"  
[X Link](https://x.com/ProfPaulNary/status/2009330204255404212)  2026-01-08T18:23Z [----] followers, [--] engagements


"Both surprised and not surprised that this is continuing on an increasingly more hostile and contentious trajectory. There was a chance for a reset but I suppose thats gone now. But I can understand $PSKY impulse to push against $WBD given the momentum is to its advantage. Breaking: Paramount plans to launch a proxy fight for board seats at Warner Bros and filed a lawsuit seeking information about its deal with Netflix https://t.co/EgZWqtgtSa Breaking: Paramount plans to launch a proxy fight for board seats at Warner Bros and filed a lawsuit seeking information about its deal with Netflix"  
[X Link](https://x.com/ProfPaulNary/status/2010775105853628578)  2026-01-12T18:05Z [----] followers, [---] engagements


"Momentum being that $NFLX bid is looking at least somewhat less attractive today vs. a few weeks ago as I mentioned last week Whats notable is that this turn of events decreases the chances of $WBD shareholders getting more than the current $30 $PSKY bid whatever the outcome"  
[X Link](https://x.com/ProfPaulNary/status/2010775108265312382)  2026-01-12T18:05Z [----] followers, [---] engagements


"@JBFlint @laurenthomas Not particularly surprising as the bar for challengers of announced transactions is rather high all around. Also one of the reasons I thought $PSKY would have a higher change of winning with constructive engagement and an improved offer rather than hostility"  
[X Link](https://x.com/ProfPaulNary/status/2011869600821006635)  2026-01-15T18:34Z [----] followers, [---] engagements


"1/ This is a setback for $PSKY yet in disputing an announced deal endorsed by the target's board $PSKY was already at a disadvantage in its battle for $WBD relative to $NFLX the incumbent bidder. Convincing the target's board to change its mind is usually an uphill battle Paramount fails in court to force Warner Bros. Discovery to disclose more information soon about its deal with Netflix when a judge denied its request from @laurenthomas https://t.co/a5XPCIdf8J Paramount fails in court to force Warner Bros. Discovery to disclose more information soon about its deal with Netflix when a judge"  
[X Link](https://x.com/ProfPaulNary/status/2011895836595405228)  2026-01-15T20:18Z [----] followers, [----] engagements


"5/ It's easier to preserve the deal as the incumbent buyer. 32% of defending incumbent acquirers successful at preserving the deal do not even end up increasing their original offer even when the challenger offers up to 20% higher price () The other 68% of successful defenders increase by 16.4% on average. Among those successful defending incumbents that increase there are three categories: 1) 46% increase their price but are still lower (-6.3% average gap) than the challenger's final competing bid 2) 15% perfectly match the challenger's final competing bid 3) 39% are higher (4.86% average"  
[X Link](https://x.com/ProfPaulNary/status/2011895844421632153)  2026-01-15T20:18Z [----] followers, [---] engagements


"6/ The big question is what does it all mean for the ultimate outcome of $PSKY bid to steal $WBD from $NFLX The raw odds are not in favor of $PSKY to win the deal without either improving the offer or demonstrating that all else being equal the gap between $PSKY bid and $NFLX is in $PSKY favor and significant enough for either a) $WBD board to change its mind and reconsider it as a superior offer or b) $WBD shareholders to either convince the board indirectly/privately or to overwhelmingly support $PSKY in its proxy battle Given $WBD board's responses to $PSKY so far convincing the board is"  
[X Link](https://x.com/ProfPaulNary/status/2011895847961694247)  2026-01-15T20:18Z [----] followers, [---] engagements


"Forgot to mention: will be interesting to see if the rumors about $NFLX preparing to modify its bid to all cash are true. If so clearly an indication that $NFLX and potentially $WBD are nervous about decreasing attractiveness of the original deal and gap to $PSKY And as I've already described above $NFLX doesn't have to beat $PSKY number just come close enough to where making a case for $PSKY being a clearly superior proposal becomes increasingly challenging. https://twitter.com/i/web/status/2011916016608043242 https://twitter.com/i/web/status/2011916016608043242"  
[X Link](https://x.com/ProfPaulNary/status/2011916016608043242)  2026-01-15T21:38Z [----] followers, [---] engagements


"@BenMullin @LaurenSHirsch Cant wait to see how $PSKY responds given this significantly decreases its already very low chances of winning with the current bid"  
[X Link](https://x.com/ProfPaulNary/status/2013609774101729551)  2026-01-20T13:49Z [----] followers, [---] engagements


"@CGasparino @netflix @wbd @WellsFargo @paramountco @Skydance Cant wait to see how $PSKY reacts given its chances of winning with the current offer are likely negligible at this point"  
[X Link](https://x.com/ProfPaulNary/status/2013611456239960348)  2026-01-20T13:55Z [----] followers, [---] engagements


"1/ The winners from a revised all-cash $NFLX bid just like in most bidding contests are $WBD shareholders (at least probably for now) If $PSKY is still in the fight for $WBD they need to improve their offer. After all the burden on them is to deliver a "Superior Proposal" Breaking: Netflix goes all cash in bid to acquire Warner Bros. Discovery. w/ @LaurenSHirsch https://t.co/aXEKNePsoX Breaking: Netflix goes all cash in bid to acquire Warner Bros. Discovery. w/ @LaurenSHirsch https://t.co/aXEKNePsoX"  
[X Link](https://x.com/ProfPaulNary/status/2013641281604362634)  2026-01-20T15:54Z [----] followers, [----] engagements


"4/ You still have to do the math but it's slightly simpler at this point: $NFLX bid is $27.75 cash + Discovery Global value ($1.33-3.24 maybe) $PSKY bid is $30 cash but $WBD would have to pay $2.8B or $1.07 per share termination fee to $NFLX and potentially $1.8B in other costs as $WBD claims Worst(-ish) $NFLX scenario is let's say $27.75 cash plus $1 value for the spinoff = $28.85 per share Best(-ish) case for $PSKY is $30 minus $1.07 p.s. termination fee (let's ignore costs offered by $WBD for now) = $28.93 per share. Does $PSKY bid look like a superior proposal here Interestingly enough"  
[X Link](https://x.com/ProfPaulNary/status/2013641285836456267)  2026-01-20T15:54Z [----] followers, [---] engagements


"5/ Reading $WBD SEC filings from today what I also find interesting is that there was no private communication (as reported by $WBD) between $WBD and $PSKY leadership since Ellison's ignored last-minute text to Zaslav on December 4th. All communication seemed to have been either legal or through public letters and filings. One ex (as it should be to protect shareholder interests) and ependent $WBD director which went unanswered according to the filing. $WBD filing seems to imply that it would have been receptive to constructive overtures from $PSKY (as it should be to protect shareholder"  
[X Link](https://x.com/ProfPaulNary/status/2013641287191183438)  2026-01-20T15:54Z [----] followers, [---] engagements


"6/ At this point $PSKY has three(-ish) options: a) Stay at the current offer and continue to agitate and/or litigate insisting its offer is superior which is hard to justify b) Admit defeat and exit c) Come back with an improved offer (both the price and the structure) and a more constructive approach to engage with $WBD The first two options clearly do not get the deal done unless something dramatic happens. For the last option I don't see how anything below $33-35 range would be potentially perceived as a superior offer given the math above. Even then it's not uncommon for boards to reject"  
[X Link](https://x.com/ProfPaulNary/status/2013641288793403829)  2026-01-20T15:54Z [----] followers, [----] engagements


"7/ *Final point re shareholder value: Clearly getting to best price is important but the closing risks are also critical here. If (whoever wins) the deal doesn't close we are back to standalone likely still underperforming $WBD that may be in even worse shape than before"  
[X Link](https://x.com/ProfPaulNary/status/2013641289875537989)  2026-01-20T15:54Z [----] followers, [---] engagements


"8/ Cleaned up notes:"  
[X Link](https://x.com/ProfPaulNary/status/2013648301975916963)  2026-01-20T16:22Z [----] followers, [----] engagements


"@_99Paul99 @FrancoOlivera Potentially sure - but which one will blink first"  
[X Link](https://x.com/ProfPaulNary/status/2013671869950337336)  2026-01-20T17:56Z [----] followers, [--] engagements


"@_99Paul99 @FrancoOlivera It's hard to predict these things but yes the termination fee and potential other costs already create a price disadvantage for $PSKY"  
[X Link](https://x.com/ProfPaulNary/status/2013676558368616781)  2026-01-20T18:14Z [----] followers, [---] engagements


"9/ Here are some of my previous notes on what post-announcement bidding dynamics look like in my data on takeovers of US PubCos and why it's already a bit of an uphill battle for $PSKY vs. incumbent $NFLX in teh contest over $WBD"  
[X Link](https://x.com/ProfPaulNary/status/2013679467428807158)  2026-01-20T18:26Z [----] followers, [---] engagements


"2/ It's easier for $NFLX as an incumbent acquirer with a deal already approved and supported by $WBD board. To win $PSKY deal has to deliver superior value to $WBD shareholders. Given $WBD clear feelings about $PSKY attempts so far that superior value has to be undeniable to get the board to switch. And as I posted last week the patterns in the data are clear: incumbents often keep the deal without any price improvement and chances of a challenger stealing a deal are low without a significantly improved bid. More here: https://x.com/ProfPaulNary/status/2011895836595405228s=20"  
[X Link](https://x.com/ProfPaulNary/status/2013641283378512221)  2026-01-20T15:54Z [----] followers, [---] engagements


"3/ In response to shareholder questions $WBD also increased transparency and shared current and projected financials and valuation of the Discovery Global spinoff estimating its value at $1.33-3.24 per share I'm sure some will debate potential valuation but more data is good"  
[X Link](https://x.com/ProfPaulNary/status/2013641284498366625)  2026-01-20T15:54Z [----] followers, [---] engagements


"MrBeast Burger fiasco is a great story and a nuanced illustration of potential pitfalls/challenges of partnerships and outsourcing It has everything: from a lack of both top-level and operational control to the problem of incomplete contracts and relational dynamics and more @MrBeast could soon have his day in court over the MrBeast Burger fiasco. Here's the inside story revealed by court docs of how the social star's biggest bet ever fell apart and its lessons for the creator economy. with @dwhate and @MadelinePBerg : https://t.co/l7kW6ihuvI @MrBeast could soon have his day in court over the"  
[X Link](https://x.com/ProfPaulNary/status/2014722415595553078)  2026-01-23T15:30Z [----] followers, [---] engagements


"I know we mostly watch business news for entertainment value but I'm still fascinated by this @BloombergTV discussion of $WBD - $NFLX deal which implies that: a) DG spinoff shares can fetch up to $6 and b) that Zaslav is a hero for shares finally rallying over the last [--] months (because after destroying shareholder value at WBD for [--] years the only way to deliver any shareholder returns was to sell the company) Paramount Skydance again extended its tender offer forWarner Bros. Discovery shares giving investors more time to weigh its proposal to acquire the rival media company"  
[X Link](https://x.com/ProfPaulNary/status/2014392840738963820)  2026-01-22T17:40Z [----] followers, [----] engagements


"The drama continues $PSKY chose option A: continuing to escalate the fight with $WBD by starting a proxy contest over the sale to $NFLX while arguing for superiority of its own offer. At some point given the results it may be time to reevaluate your strategy Just saying. 6/ At this point $PSKY has three(-ish) options: a) Stay at the current offer and continue to agitate and/or litigate insisting its offer is superior which is hard to justify b) Admit defeat and exit c) Come back with an improved offer (both the price and the structure) and 6/ At this point $PSKY has three(-ish) options: a)"  
[X Link](https://x.com/ProfPaulNary/status/2014400418596724802)  2026-01-22T18:11Z [----] followers, [----] engagements


"1/Can you create value by doing "a major acquisition" like the one @ryancohen of $GME is considering cheered on by @michaeljburry Sometimes. But it's not easy As Mr. Cohen himself admits: "it's ultimately either going to be genius or totally totally foolish" Let's discuss NEW: GameStop CEO Ryan Cohen tells me hes plotting a major acquisition in the near future to scale the video-game retailer into a $100 billion business. $GME https://t.co/SIiiomZdSx NEW: GameStop CEO Ryan Cohen tells me hes plotting a major acquisition in the near future to scale the video-game retailer into a $100 billion"  
[X Link](https://x.com/ProfPaulNary/status/2018746157527093686)  2026-02-03T17:59Z [----] followers, [----] engagements


"Merger Mondays are back with a $49B bang in the consumer healthcare sector as $KMB announces plans to buy Kenvue. This is an interesting deal so I have a few quick (ok maybe longer) thoughts: 1) This is a pretty common type of a deal in the consumer space - a combination of two large businesses with valuable brand portfolios. However the success record of these types of deals is mixed - quite a lot can go wrong when you combine two large complex and ultimately different businesses likely with different processes cultures etc. even if both generally sell stuff to consumers in mostly the same"  
[X Link](https://x.com/ProfPaulNary/status/1985366898041557017)  2025-11-03T15:22Z [----] followers, [----] engagements


"1/ Aggressive M&A can propel growth or kill it Consider TreeHouse Foods: $THS grew aggressively in the last [--] years esp. 2006-2016 mostly via M&A 15-20 deals worth $5B Now its EV is below $3B and the last decade has been a struggle I think bad M&A is a major factor👇 The maker of cookies crackers coffee and other goods for retailers such as Walmart Whole Foods Trader Joes and Target gained ground in recent quarters as inflation pushed shoppers into cheaper food options https://t.co/GJNfe80QnR The maker of cookies crackers coffee and other goods for retailers such as Walmart Whole Foods"  
[X Link](https://x.com/anyuser/status/1897309885274185739)  2025-03-05T15:35Z [----] followers, [----] engagements


"I have been organizing a list of common corporate strategy myths and misconceptions from discussions in my MBA class Curious to hear others' thoughts on what is missing unclear or interesting Part 1: M&A Deal and Process Myths & Misconceptions 1) Most M&A fails 2) Mergers of Equals exist 3) Horizontal acquisitions and rollups are easier than other types of M&A 4) The complexity of M&A valuation/modeling is correlated with better deal outcomes 5) Broad auctions always lead to a higher price 6) Integration planning can wait until after the deal is closed* 7) Acquisitions are preferable to"  
[X Link](https://x.com/anyuser/status/1900128704035992023)  2025-03-13T10:16Z [----] followers, 13.4K engagements


"Rollups are not easy There is a reason why there have been multiple rollup failures over the last few decades A few thoughts on the success and failure of rollup strategies: 1) Value creation/capture strategy: Strategy should drive everything. How are you intending to create value beyond A+B+C Three potential channels: a) Efficiency/cost synergies - sounds straightforward but you need to know what you're doing - the degree of integration shared processes and practices etc. Plenty of room for idiosyncratic challenges to arise especially if the owner does not have enough experience to"  
[X Link](https://x.com/ProfPaulNary/status/1902012744888439262)  2025-03-18T15:02Z [----] followers, [----] engagements

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