The media and entertainment sectors are navigating a period of transformational and accelerating change, shaped by shifting consumer behavior, new sources of capital and the growing influence of AI. Against that backdrop, a panel of experienced dealmakers gathered to discuss what is changing, what still holds, and where the next wave of opportunity and disruption may emerge.
Moderated by Grant Thornton Senior Media & Entertainment Advisor Howard Homonoff, the conversation featured Greg Bedrosian, founder and CEO of Drake Star Partners; Mark Lieberman, operating advisor at Blackstone; and Jake Vachal, partner at The Raine Group. Each one brought a distinct vantage point from which to view the media market from the private equity and banking industries, all with deep exposure to media, sports and adjacent digital ecosystems.
Together, the panelists explored how legacy media assets are being revalued, how buyers and sellers are navigating uncertainty, and how AI is influencing both deal dynamics and long-term strategy. The discussion was wide-ranging but grounded in real transactions, real capital decisions and real pressure points shaping the market today. What follows are five segments from the discussion.
AI strategy starts with infrastructure
Every business needs an AI plan, but the panel noted that some investors are prioritizing the “picks and shovels” behind AI rather than betting on individual AI applications. In this clip, Lieberman explains how that thesis shows up in practice through data center scaling and platforms that power AI demand.
1:04 | Transcript (PDF - 48 KB)
AI is changing diligence and creative economics
Deal teams are already walking away from strong businesses if they believe during discovery that there will be an AI-use issue with the company in the next four to five years. Bedrosian discusses how this disruption is not limited to platforms, pointing to shrinking writers’ rooms and growing pressure on how value gets created in Hollywood.
2:07 | Transcript (PDF - 46 KB)
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More companies are questioning the value of staying public
The panel describes a market where public listings are less compelling for many media and ad-tech businesses beyond providing liquidity. In this clip, Vachal and Lieberman outline why thin coverage, mark-to-market pressure and quarterly reporting are pushing more companies to consider going private to consolidate and grow.
1:56 | Transcript (PDF - 24 KB )
As described in this clip, a remote nursing mentorship program can address shortfalls in clinical training by having experienced nurses advise first- and second-year nurses without having to be onsite.
Regulation has become harder to handicap
This video clip focuses on how policy and enforcement uncertainty can reshape deal timing and outcomes, even when the underlying strategic logic feels clear. Lieberman argues that the environment is entering “uncharted territory,” where shifting priorities and limited deal experience inside government can introduce unpredictable risk into transactions.
1:28 | Transcript (PDF - 42 KB)
In faster deals, preparation is the advantage
As buyers request deeper cuts of data and faster answers, the panel emphasized that readiness now starts well before a formal process. Bedrosian explains why companies that invest upfront in analytics and diligence materials protect momentum and valuation, while Lieberman reinforces the same point through a preparation-first lens.
2:09 | Transcript (PDF - 34 KB)
One theme all the panelists emphasized is that dealmaking in media and entertainment is being reshaped by hard questions about durability, data and execution. Investors are weighing AI’s near- and long-term impact, reassessing public-market tradeoffs, and navigating a regulatory environment that is harder to predict than ever. In that context, preparation, clarity of strategy and a realistic view of risk have become decisive advantages in getting deals done.
Contacts:
Senior U.S. Media & Entertainment Industry Advisor
Grant Thornton Advisors LLC
Howard Homonoff serves as Senior U.S. Media & Entertainment Industry Advisor for GT. Howard has been a leading executive, lawyer and strategic advisor in the media business for over 20 years.
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