High-stakes bidding for legacy media assets like Warner Bros. is driven by status-seeking among the ultra-wealthy, not a sound bet on the future of media. They are acquiring prestigious "shiny objects" from the past, while the actual attention economy has shifted to platforms like TikTok and YouTube.

There appears to be a predictable 5-10 year lag between a startup's innovation gaining traction (e.g., Calendly) and a tech giant commoditizing it as a feature (e.g., Google Calendar's scheduling). This "commoditization window" is the crucial timeframe for a startup to build a brand, network effects, and a durable moat.

The pool of potential media buyers extends beyond traditional media. Any business paying a "toll" to Google or Facebook for customers is a strategic acquirer for a media asset that owns a direct audience in its niche. This reframes media M&A as a CAC-reduction strategy for non-media companies like Uber.

The most lucrative exit for a startup is often not an IPO, but an M&A deal within an oligopolistic industry. When 3-4 major players exist, they can be forced into an irrational bidding war driven by the fear of a competitor acquiring the asset, leading to outcomes that are even better than going public.

Marketers chasing trends on 'cool' platforms like TikTok create an imbalance where massive, older platforms have huge audiences consuming features like Facebook Reels but few creators serving them. This supply/demand gap for attention creates a significant, underpriced marketing opportunity.

Meta's victory over the FTC's antitrust challenge is not just a legal footnote; it signals the end of a highly restrictive regulatory era. This will likely trigger a massive wave of M&A, as large tech companies are now emboldened to acquire stagnant, late-stage private "unicorns" that have been stuck without an exit path.

Large platforms focus on massive opportunities right in front of them ('gold bricks at their feet'). They consciously ignore even valuable markets that require more effort ('gold bricks 100 feet away'). This strategic neglect creates defensible spaces for startups in those niche areas.

The old investment banking model of mass-emailing a deal to many potential buyers is ineffective for media assets. Selling a media company now requires a custom, hands-on process targeting a handful of highly specific, strategic buyers, as the universe of potential acquirers has shrunk and their needs have changed.

To break through the noise of modern influencer marketing, target less-obvious platforms. Instead of competing for attention on Instagram and TikTok, pitch YouTubers and Substack writers who receive fewer inquiries. This approach increases your chances of getting noticed and securing features without a budget.