It’s no shock that the most important story that got here out of final week’s so-called “summer camp for billionaires,” the as soon as high-profile Allen & Co. media convention, concerned the funding financial institution directing its band of goon-squad safety guards to push back reporters from doing their job of interviewing among the A-listers who nonetheless attend.
The get-together on the plush grounds of the Solar Valley Lodge in Idaho is an also-ran as a result of Huge Media isn’t so large anymore.
Positive, some moguls nonetheless have their billions, however most run corporations which can be melting away, having been harm by secular forces of their enterprise. Their maintain on American tradition has additionally waned significantly as shoppers of leisure and information more and more boycott wokeism.
That doesn’t imply there was no enterprise happening, although it was a far cry from years previous.
4 years in the past, the Put up’s Lydia Moynihan first reported that media heiress Shari Redstone was on the confab purchasing Paramount International. An $8 billion merger with Skydance Media is now poised to be consummated because it awaits regulatory approval from the Federal Communications Fee.
From what I perceive, this yr’s Solar Valley chatter was centered on a lot smaller gamers and offers because the large guys (suppose corporations like Warner Bros. Discovery and Comcast) are busy spinning off their money-losing property. They’re breaking apart into smaller items to attempt to protect some shareholder worth. Plus, they’ve neither the abdomen or the stability sheet within the foreseeable future for main acquisitions, notably the transformation kind.
The names that I perceive have been on the dealmaking watch checklist have been the so-called native broadcasters. A lot of them run affiliate stations of the key networks that serve native information to center America.
These are corporations like Sinclair Broadcast Group, Grey Media and Cox Media Group. The latter is non-public and majority owned by non-public fairness store Apollo Administration.
Shares of Sinclair are up 16%, whereas Grey is up 30% – in comparison with a 5% rise within the S&P – based mostly on merger and buyout chatter, telecom bankers and attorneys inform On The Cash.

Apollo is searching for a purchaser for Cox, I’m advised.
So why would anybody wager that Little Media will survive the melting ice dice that’s draining the Huge Media enterprise mannequin?
First the little guys do earn a living, although much less so due to modifications within the enterprise. There’s additionally a transfer by Trump regulators to protect native TV media because it serves a lot of the MAGA base.
Which means networks like Paramount-owned CBS can be on a good leash from DC to jack up charges on the locals to run their programming.
On high of all of it, these corporations run lean and may run leaner, which means you possibly can develop income by way of cuts, bankers argue.
So who would purchase them? Tough to say since main gamers may not have the stability sheet. Perhaps they may merge or start swapping properties amongst themselves.
Full disclosure: I didn’t attend Solar Valley to report any of the above, which is one more reason to skip the occasion.