ATT shareholders lost $50B on Time Warner. And ATT lost $15B at least on DirecTV. Comcast is desperately trying to get rid of NBC Universal.

I would bet Ellison loses on this merger too. No one under the age of 60 cares about these legacy media companies to justify tens of billions of dollar valuations. At best, professional media studios are just an add on business for companies like Amazon and Apple and Disney and Sony, with Netflix being the outlier.