Media companies are constantly merging and splitting in response to tech entrants into the space, shifting market demands, and investor pressure, but the results often leave shareholders underwhelmed. Mark Patricof calls this “a cycle that seems to happen over and over again. And people don't really learn their lessons." Amid corporate reshuffling, one truth remains: content is king—and it's the creative talent behind it that ultimately drives long-term value. -------- More on Bloomberg