In media, being big is no longer good enough
If that seems fast, a lot has changed since AT&T made the first of these acquisitions, DirecTV, in 2014, followed by AppNexus and what's now WarnerMedia. Consider:
Amazon has swooped in to become the No. 3 seller of digital advertising, behind Google and Facebook, leaving everyone else in its dust. Cord-cutting has accelerated, to the detriment of DirecTV, and entertainment viewing is increasingly happening on streaming services like Netflix and Hulu where traditional ads are less obtrusive or nonexistent.
Media companies that are diversified beyond ads have become more valuable. It's why publications like BuzzFeed are leaning into commerce and investors are
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