Hedge fund managers are driving themselves crazy trying to make sense of the numerous theories about who’s moving which pieces across the media chessboard.
And from what On the Money hears, the real money players are the telcos.
This week’s consensus is that AT&T is preparing to make a major media buy. Several of our well-placed tipsters believe the former Ma Bell is circling Time Warner.
Talk is rife about the idea that Turner Broadcasting will be carved out seems to be gaining some currency despite Time Warner’s insistence that there’s no breakup in the offing.
AT&T Chief Executive Randall Stephenson was at the World Economic Forum in Davos, Switzerland, last week talking about his company’s plans to deliver over-the-top content.
AT&T is already investing in over-the-top through its Otter Media joint venture with Peter Chernin’s Chernin Group. Others say AT&T is in no position to swallow such a big target so soon after acquiring DirecTV.
We also hear that Yahoo! bosses have not been responding to proposals from at least one private equity firm. Meanwhile, my colleague Josh Kosman hears rumors that Verizon already put a very generous $8 billion bid on the table for core Yahoo! assets. Verizon has made no secret of its desire for the digital giant.
But let’s not forget one media operator staking out the territory: John Malone and his sidekick Greg Maffei over at Liberty Media.
Few could imagine Liberty will be left without a seat in any new world order. We hear Malone is also keeping a close watch on Sumner Redstone’s media assets.
AT&T and Verizon declined to comment.