“The biggest challenge to take away from past M&A in media is the environment moves really quickly, and so you want to get these deals done as quickly as possible to be able to implement a strategy. If you wait two years, or two-and-a-half years … the ecosystem’s changed a lot,” said Naveen Sarma, Managing Director and Sector Lead for U.S. Media and Telecom at giant ratings agency S&P Global.

“We’ve seen a lot of deals not work out because of things like that. The ecosystem moves faster than companies are able to react,” he said during a Q&A at the UBS media conference in New York when asked to opine on the current battle for Warner Bros. Discovery .

WBD, which put itself up for sale in October, inked a deal Friday to sell its studios and HBO Max to Netflix for $27.75 in cash and sto

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