Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses so good that an idiot could run them, because sooner or later one will. What we have here is nearly the opposite: a collection of structurally declining and fiercely competitive businesses that will require brilliant management just to tread water — now strapped to the largest, most leveraged, most litigated media acquisition either of us has ever examined. The people running it are energetic, well-funded, and executing their cost plan ahead of schedule. We wish them well. We would not join them with our own money. Paramount Skydance is the August 2025 combination of Paramount Global (CBS, Paramount Pictures, Paramount+, Pluto TV, Nickelodeon, MTV, BET, Comedy Central, Showtime) and David Ellison's Skydance Media, controlled by the Ellison family through non-traded Class A shares.
Recent filings analysed: 8-K (2026-08-04), 8-K/A (2026-08-04), 10-Q (2026-08-04), 8-K (2026-07-31).
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