None of Us Fails Harder Than Both of Us
When a successful company wants to grow, it expands into a new market or rolls out a new product.
When a struggling company wants to grow, the go-to approach these days is to buy another struggling company.
You might take it for granted, but that one trend says far more about today’s economy than most job numbers or inflation reports.
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The proposed merger between Paramount and Warner Bros. is billed as a necessary effort to compete in an increasingly fragmented industry by forming yet another media giant. Supporters argue that pooling resources will benefit both companies. Skeptics argue that merging two megacorps under pressure just gives you a larger megacorp under pressure.
Yet even that debate misses a more interesting historical trend.
It’s easy to mistake consolidation for innovation. The results can look similar if you squint. After all, both produce a flurry of hype and activity.
The tell is that only one creates new value.
Read the full post on Substack.
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