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Media dealmakers are staring at a far more hospitable environment to M&A under another Trump administration.

Why it matters: Many top legacy media executives have looked toward M&A as a savior for their industries' many structural challenges.

State of play: A deregulated merger environment under Trump will come as Hollywood dealmaking is accelerating.

Skydance is in the midst of closing a complicated, two-step process  to take over Paramount. Skydance CEO David Ellison's father Larry Ellison, who is putting up most of the money for the deal, is a Trump supporter.

Comcast is considering whether or not to spin off its cable assets into a separate, publicly traded company. Under Trump, that could become a repository for other companies to dump their unwanted cable assets.

Warner Bros. Discovery had previously explored splitting its linear assets from its streaming portfolio but ultimately decided selling smaller assets was better than breaking up the company, per the Financial Times.

What they're saying: WBD CEO David Zaslav, who has previously argued for the need for deregulation, sounded optimistic about dealmaking under Trump on Thursday morning.

"It may offer a pace of change and an opportunity for consolidation that may be quite different, that would provide a real positive and accelerated impact on this industry that's needed," Zaslav said during WBD's earnings call.

"If the best content is going to win, there needs to be some consolidation in order to have these businesses be stronger."

Zoom in: It's all but certain Trump will replace leaders at multiple U.S. regulatory agencies, with the Federal Trade Commission and Department of Justice topping the list.

Under President Biden, FTC chair Lina Khan and DOJ antitrust chief Jonathan Kanter aggressively tried to stop major deals, with middling results.

While Khan could potentially finish her term with the FTC — which ends in 2028 — she would likely no longer be chair.

Yes, but: During Trump's first term, his DOJ spent two years trying to block the AT&T-Time Warner deal.

Plus, Vice President-elect JD Vance has surprisingly been an open fan of Khan, who has tried to strengthen antitrust policy.

Even if Khan is replaced, Vance could be an ally for those in favor of strong antitrust regulation, particularly within Big Tech.

What we're watching: One area where Trump could have an immediate impact is helping the long-gestating deal between the PGA Tour and Saudi Arabia's Public Investment Fund finally get across the finish line.

"I think that clears the way a little bit," pro golfer Rory McIlroy told reporters Wednesday morning. "Trump has a great relationship with Saudi Arabia. He's got a great relationship with golf. He's a lover of golf. So, maybe. Who knows?"

Trump has said previously he's in favor of a deal that would unite the PIF-backed LIV Tour with the PGA Tour that would end the sport's two-year civil war.

"It would take me the better part of 15 minutes to get that deal done," he said during an appearance on the "Let's Go" podcast earlier this week.

Media M&A floodgates seen opening under Trump

Many top legacy media executives view M&A as a savior.

Illustration of two people shaking hands on a giant stack of money. 

Mergers and acquisitions

Media dealmakers are staring at a far more hospitable environment to M&amp;A under another Trump administration.Why it matters: Many top legacy media executives have looked toward M&amp;A as a savior for their industries&#x27; many structural challenges.

Media M&A floodgates seen opening under Trump

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