It is not yet very clear whether his bid is an opportunistic attempt to acquire and break up an undervalued firm, or whether he is chasing the media industry's dream of combining entertainment content with distribution, a strategy which has made fortunes for a few but which regularly proved the ruin of many big media takeovers.
g. films, songs, music videos, etc. g.
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"entertainment content" is the actual material that people watch or listen to for entertainment, e.g. films, songs, music videos, etc. "distribution" is the means of delivering this content to the audience, e.g. via TV or the Internet.