Billionaire businessman Michael Bloomberg is reportedly interested in acquiring Jeff Bezos’ The Washington Post or Dow Jones, the parent company of The Wall Street Journal, Barron’s, and MarketWatch.
According to a new report from Axios, Bloomberg is looking to expand his media empire and would prefer a Dow Jones acquisition due to its all-encompassing business coverage. The report said, however, that he would be willing to purchase The Washington Post if Bezos were willing to sell.
The Washington Post did not immediately respond to Yahoo Finance’s request for comment, while a News Corp spokesperson declined to comment on the report.
A spokesperson for Bloomberg dismissed the speculation, saying: “There is nothing to comment on.”
Dow Jones is ultimately owned by News Corp’s (NWSA) Rupert Murdoch, who is himself reportedly considering a recombination of Fox (FOXA) and the mass media and publishing company.
According to an October report from Murdoch-owned The Wall Street Journal (WSJ), the 91-year-old businessman is in early discussions to rejoin the two entities of his media empire, which formerly split in 2013. Disney acquired the bulk of Fox’s entertainment assets in a $71 billion deal back in 2019.
The WSJ report added that both companies have established special board committees to study a possible deal and evaluate potential financial terms.
Bloomberg, the Axios report said, believes the recombination will fail, thus creating a possible opening, although Bloomberg has reportedly not yet spoken to Murdoch about his interest.
‘Everything’s on the table’
Media mergers and acquisitions have been on the upswing, with major corporations like Paramount Global (PARA) and Warner Bros. Discovery (WBD) recently completing their own respective consolidations. Meanwhile, Amazon (AMZN) closed its $8.5 billion acquisition of MGM Studios in March.
Lack of cash and increased competition have served as catalysts to the recent activity, with many conglomerates searching for new revenue drivers and monetization opportunities.
“It’s a pretty good inflection point,” Jon Christian, EVP of digital media supply chain at Qvest, the largest media- and entertainment-focused consulting company, told Yahoo Finance. “The game has changed. It used to be just subscribers at all cost … but now [investors] need these services to be profitable.”
Bart Spiegel, partner of global entertainment & media deals at PwC, added: “We’re entering a chapter two of the streaming wars.”
“Only time will tell, but I think everything’s on the table to try to improve profitability and make the platforms more creative to their overall business,” Spiegel continued.
Other possible acquisition targets in 2023 and beyond include the embattled Warner Bros. Discovery.
Lionsgate’s film and TV studio, which the entertainment giant plans to spin off into a separate company, will also be for sale, while AMC Networks (AMCX) continues to undergo a restructuring that could result in an acquisition.
Needham’s Laura Martin wrote in a recent client note that Paramount could be attractive to unload, while smaller players like WWE (WWE), Curiosity Stream (CURIW), and Chicken Soup for the Soul (CSSE) will likely sell due to their respective sizes.
Disney CEO Bob Iger, who returned to the media conglomerate to much fanfare in November, will also face a slew of decisions — including what to do with notable assets like Hulu (sell it to Comcast?) and ESPN (spin it off?)
Alexandra is a Senior Entertainment and Food Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at [email protected]
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Source: https://finance.yahoo.com/news/michael-bloomberg-eyes-dow-jones-wa-po-purchase-as-media-ramps-up-ma-report-165159615.html