News that Paramount is exploring a bid for all of Warner Bros. Discovery , just weeks after closing its acquisition of Skydance, has bent a few brains from Wall Street to Hollywood despite recent speculation that something was in motion.

As the industry and investors take stock of the entertainment colossus that could be created, however, the nagging thought occurs: Have we seen this movie before? Disney’s $71.3 billion acquisition of most of 21st Century Fox in 2019 bears some a few striking similarities to the current maneuvers, but that deal is largely considered to be a misfire. Yet the new version features the vast wealth of the Ellison family and the tech chops of Oracle in the background, spawning hope of a brighter future for traditional media in a challenging environment.

For

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