Has Jeff Bewkes Changed His Mind About Possible Takeover?

The transcript discusses potential acquisition options for Time Warner, comparing it to past acquisitions like DIRECTV by AT&T. It explores why Jeff Lucas might now be open to acquisition offers, citing factors like price, improved company positioning, and cultural fit. The discussion also covers valuation metrics, such as EBITDA multiples, and the stability of Time Warner's diversified business model, which makes it an attractive target for companies like AT&T.

What is one reason Jeff Lucas might consider a takeover offer now?

• He wants to retire soon.

• He plans to merge with another company.

• The offer price might be higher than before.

• He dislikes the current board of directors.

What was a major reason for the cultural mismatch between Time Warner and Fox?

• Different business models

• Geographical locations

• Cultural fit issues

• Technological differences

Which past merger is mentioned as a comparison for cultural fit issues?

• Disney and Pixar

• Apple and Beats

• Comcast and NBC

• Verizon and Yahoo

What valuation metric is used to assess media assets like Time Warner?

• Return on investment

• EBITDA multiple

• Debt-to-equity ratio

• Price-to-earnings ratio

Why is steady cash flow important to AT&T in acquisitions?

• It increases employee bonuses.

• It reduces tax liabilities.

• It helps in funding dividends.

• It allows for more marketing spend.