The Post-Shell WBD-NBCU M&A Fantasy

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Welcome back to Dry Powder. I’m Bill Cohan.

Lost in the hoopla surrounding Anchormageddon was the swift and sudden defenestration of former NBCU C.E.O. Jeff Shell. To my mind, this development brings us one step closer to my personal favorite hypothetical big media combination: that of NBCU and WBD. In today’s issue, a close look at the math and logistics of that potential deal.

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The Post-Shell WBD-NBCU M&A Fantasy

With Shell out and Hulu in limbo, the fantasy of a Roberts-governed, Zaz-operated, post-Reverse Morris mega merger is more tantalizing than ever.

WILLIAM D. COHAN

It’s been an astonishing 72-ish hours in the media business. First, there was Jeff Shell’s defenestration as the C.E.O. of NBCU in the wake of a sexual harassment complaint filed with Comcast H.R. by CNBC anchor Hadley Gamble. And then there was the practically concurrent firing of Tucker Carlson at Fox News, as first reported by my partner Dylan Byers, and of Don Lemon at CNN, followed by their practically simultaneous hiring of the ferocious litigator Bryan Freedman...

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