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Between Amazon.com Inc’s US$8.5 billion acquisition of Metro-Goldwyn-Mayer and WarnerMedia’s US$130 billion merger with Discovery Inc, the recent rash of US media dealmaking has surely left European entertainment moguls ruing what might have been. For five years, Europe’s biggest media companies have been seeking deals for the same reason that industry consolidation is accelerating in the US: They need more heft to compete effectively with streaming services Netflix Inc, Amazon Prime and The Walt Disney Co’s Disney+. Those efforts have almost uniformly yielded no results. Vivendi SA, the French media conglomerate controlled by the billionaire Vincent Bollore, has repeatedly tried and failed ....