By the time you read this, Time Inc. will have bought up Warner Bros., or Paramount will have taken over Time, or perhaps both Warner’s and Time. The stockholders with the right information will have their windfall, some executives will be drifting in golden parachutes, some assets will be sold or looted, and a huge new media conglomerate will be saddled with a debt structure that makes it even more imperative to invest in high-concept, mass-cult products that can be spun off into syndi...
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