A recent development has occurred in the merger and acquisition case of a major media group. The latest statement from the board indicates that although the recently adjusted acquisition plan sounds very large—valued at $108 billion—there are still many issues internally that need to be considered.

The key point of contention this time revolves around two different acquisition approaches. One plan is to selectively acquire core entertainment assets, including film studios, streaming platforms, and flagship channels, while splitting off linear TV channels and lifestyle brands for independent operation, allowing existing shareholders to continue participating in the growth of these businesses. The other approach is a comprehensive acquisition—putting everything into one basket.

From a numerical perspective, the latter offers a higher bid ($108 billion compared to $82 billion), but the board believes that this larger number conceals greater risks. A full acquisition means shareholders would be completely out of the deal afterward, unable to continue sharing in the future earnings of certain assets. Additionally, in terms of financial structure design, risk distribution is not balanced enough. In contrast, the split-off plan allows shareholders to flexibly allocate assets and continue sharing growth potential—this is considered a safer choice.