Merger Arbitrage Yields Still Low, No Arbageddon Yet
While we're seeing panic in certain areas of the market (private credit), it has not translated to merger arbitrage, where the current average yield of 10.8% is far below a March 2020-type environment. Once we see arbitrage yields nearing 20%, then that indicates arbageddon. https://t.co/xe0w3kD6Ew
Warner Deal Deemed Pro‑Competitive, Boosts Creative Champions
All competition enforcers will find our deal is pro-competitive says Paramount Chief Legal Officer Makan Delrahim of Warner deal. This is opportunity to build a "true champion" for the creative community that can compete effectively global stage and streaming market.
Paramount Warns Netflix‑Warner Merger Threatens Hollywood Future
Paramount Chief Legal Officer Makan Delrahim says Netflix - Warner deal would have had "serious consequences for the future of Hollywood." A Paramount-Warner deal is about "increasing the amount of content."
Savills' $1.1B Eastdil Deal Forms Global Real Estate Powerhouse
Not just another #MandA. #Savills aims for #Eastdil's prestige as it pays $1.1B for #capitalmarkets giant. 'Creates a global #realestate powerhouse' #EastdilSecured #mortgage #CRE #investmentsales https://t.co/5wlSWrEAp5
Paramount's $110B Move Targets Rival, Says Antitrust Lawyer
“Paramount is spending 110 billion dollars to take out a rival” — antitrust attorney Ethan Litwin at Capital Forum conference.
Astound‑GFiber Merge Threatens AT&T, Comcast, Charter
Data from New Street Research shows that the proposed combination of Astound Broadband and GFiber will have the biggest competitive overlap with AT&T, Comcast and Charter. @Light_Reading https://t.co/jUVW6Uq9gE
California AG Warns Nexstar‑Tegna Merger Harms Competition
California AG Rob Bonta blasts proposed Nexstar-Tegna deal, saying if deal goes through a "a single massive company will have outsized influence" and consumers will suffer higher prices and less access to news and sports.
California AG Vows Tough Review of Paramount‑Warner Merger
CA AG Rob Bonta says his office will be vigorous in its review of Paramount - Warner deal. Concern of higher consumer costs, job loss, etc.
PRTH Still Cheap
$PRTH spread remains wide at 17% - Co just reported earnings, with rev and EBITDA in line with guidance - Expected a 19% slowdown from LDD in one of the segments, making the overbid thesis harder. - Yet, the bid still looks too...
Netflix M&A Aims to Fuel Engagement Through Games, Podcasts
What should be the business objectives behind any future M&A deal by Netflix $NFLX? @Adweek s Mark Stenberg (@MarkStenberg3) asked me for specific deal predictions. A few of my answers are in the On Background newsletter below, alongside some other smart...
Acquirers Are Already Courting Sellers—Be the Next Buyer
9 million businesses changing hands this decade the acquirer in your market is already calling owners already signing NDAs already in due diligence the sellers they close with this year were always going to sell to someone the only question was whether that someone was you
Simon Peckham Reverses Trend, Investing in UK Businesses
London’s capital markets have been dominated by overseas firms snapping up UK businesses. Simon Peckham is pushing in the other direction. https://t.co/8UIULznzFQ
Homestead Acquired, Launching New DTC Growth Platform
I started a little marketing agency 7 years ago called Homestead, named after the street I grew up on. I had the vision to build something special and looking back now, I think we did exactly that. Today I’m excited to...
RIA Valuations Dip as Earnouts Grow Longer
This is, indirectly, how valuation multiples for RIAs are starting to come down slightly. Because the headline number of "such-and-such got a certain multiple of EBITDA" isn't the walk-away-with-cash valuation, it's the valuation including post-closing growth contingencies. In the past, that...
Inside the CNN‑CBS Merger: Power Shifts and Trump’s Influence
NEW: The CNN–CBS Marriage Plot: • Will Bari Weiss expand her remit? • Who will actually run the network? • How much will David Ellison cut, and how will he cut? • And where does Trump factor in? https://t.co/BuiVS0srnq @PuckNews
Legora's $550M Raise Fuels Walter AI Acquisition
AI legal tech startup Legora, after raising $550M this week, acquires Walter, a Canadian based startup that builds AI agents that work within Microsoft Word and Outlook. Walter launched the AI agents after pivoting last September. The acquisition is believed...
Google Fiber Merges with Astound, Astound Becomes Majority Owner
If you were listening to my podcast you knew something like this was coming. @google 's @googlefiber merged with @astoundconnects with Astound being the majority owner. GFiber was on the market for quite some time. https://t.co/Ux7k40VGTJ
Databricks Buys Quotient AI to Boost Genie Tools
Databricks acquires startup Quotient AI, a software to diagnose and evaluate AI agents. Databricks plans to utilize the acquisition to improve its Genie Code and Agent Bricks tools. Quotient AI was founded in 2023 by Julie Neagu and Freddie Vargus. The...
SPACs Need Mergers, Not Just IPOs
My thoughts on the SPAC market today: “Not having mergers is certainly a negative because that’s what ultimately drives the entire sector. There’s no point in having a bunch of IPOs if you’re not going to see any material deal...
Netflix May Spend $600M on Affleck's AI Studio
Netflix Could Pay as Much as $600 Million for Ben Affleck’s AI Film Start-Up: Report https://t.co/EMp2y3V3u0 via @variety
Micro‑PE Activity Spikes as Papa John’s Gets Bid
Nice to see small cap Papa John's $PZZA catch a bid. Small and micro private equity is getting much more active. Discl. Long. https://t.co/jxtCUCCgCr
Tilman Fertitta in Exclusive Talks to Acquire Caesars at $34
SCOOP: Billionaire Tilman Fertitta has been in exclusive talks to buy Caesars Entertainment for around $34/sh. https://t.co/Mz8usEYgRm
Zendesk Buys Forethought to Power Self‑learning AI Agents
.@Zendesk acquires Forethought, eyes self-improving AI agents https://t.co/bafcCVwCRb Zendesk said it will acquire Forethought, a company that specializes in AI agents for customer experience automation.
Barry Diller Says He'd Overhaul CNN if He Buys It
Barry Diller on hopes to buy CNN: "I would change everything" Interview with Graham Bensinger. https://t.co/mkgyjN8GTY via @YouTube
Media VC Deals Plunge 70% While AI Soars
.@thewrap looks at M&A so far this year: media VC deals are falling – 70% year over year – compared to AI which is soaring. Here’s the story in charts, in partnership with @PitchBook : https://t.co/dQDSQqFM6m
Google Acquires Wiz to Boost Cloud Security
$GOOGL completes the Wiz acquisition. Sundar Pichai, CEO, Google: “Keeping people safe online has always been part of Google’s mission. This job is increasingly important today, as more companies and governments move their work to the cloud and broadly use generative...
Google Pays $32B for Wiz, Now $1B ARR
Google completes $32B acquisition of cloud cybersecurity startup Wiz A source familiar says Wiz crossed $1B in ARR in 2025. https://t.co/1vJmMDOHh1 via @techcrunch
UNF Shareholders Receive $155 Cash Plus Cintas Shares
Deals deals and ..one long expected….Unifirst(UNF) and Cintas((CTAS) UNF holders getting combo of $155 cash per shr+0.7720 shr of CTAS
CEO and Founder Reveal Inside Story of Acquisition
MyPoV: @NICELtd CEO Scott Russell and @cognigy Founder Philipp Heltewig share the inside story behind the acquisition #Nexus2026 https://t.co/cU3ESr0saT
Ellison Declares Deal Turbulence Over, Hails HBO as Gold Standard
Paramount’s David Ellison Addresses Warner Bros. Execs at Town Hall: CEO Says ‘Turbulent’ Deal Process Is ‘Now Behind Us,’ Praises HBO as ‘Gold Standard’ in TV https://t.co/lNtW2mfuLg via @variety
Beazley Buys kWh Analytics to Boost Renewable Underwriting
Beazley acquires kWh Analytics to scale renewable energy underwriting #energysky -- via pv magazine usa: https://t.co/HU8MHQTedQ
CNN-CBS Merger Explained After Four Decades of Planning
🎙️ NEW @PuckNews: A CNN-CBS News tie-up is 40 years in the making... curious how it would work? @SamFeistDC, the C-SPAN C.E.O. and 33-year CNN veteran, breaks it down: https://t.co/mPte9ax0DE
ONE Nears Controlling Stake in Seaspan Ship Lessor
ONE Moves Closer to Controlling Stake in World’s Largest Ship Lessor Seaspan. Poseidon corp. https://t.co/5AykPtXZq6
TALK Commands ~3× Revenue Multiple, Outpacing Digital Health
This is actually good news for health-tech. TALK’s takeout multiple of ~3.0x revenues actually represents a fairly healthy premium to the recent digital health average (recall ACCD was taken out at ~1x). https://t.co/4FyXzAiny4
Consumers Favor Amazon, Not Business Reality
If the Amazon and Shenzhen PICEA Robotics deals to acquire iRobot had been placed side by side for comparison, there is no question which option most people would have preferred, but that is not how business works. https://t.co/au4fmlVBrO https://t.co/ccf8aW6asz
AI Agent Security Emerges as New Industry
Securing AI agents is becoming its own industry. OpenAI is acquiring cybersecurity startup Promptfoo to strengthen defenses around how AI systems behave and interact. As agents gain autonomy, protecting them may become as important as building them. https://t.co/JsM6H105Ic @cnbc @JonathanVanian
HPE's Juniper Deal Fuels Networking‑Driven Growth
$HPE buying Juniper looking smarter and smarter. Networking carrying the quarter and will continue to anchor HPE growth. Backlog looking good as well. 👏🏻
Nvidia's Near Groq Deal Validates AI Chip Startups
When Nvidia all-but acquired Groq for a reported $20B, it inadvertently validated the entire AI chip startup landscape (featuring commentary from @vsora_dsp @SambaNovaAI @dMatrix_AI) https://t.co/65Jk6Fe7I5
ASUR Pursues Hemisphere‑Wide Growth, Echoing Ferrovial Model
Last month, ASUR's management talked about their recent acquisitions in the US and Brazil. It seems like they are attempting to become a kind of Mexican Ferrovial with assets across the hemisphere. https://t.co/gnm07F4rPU
Ellison's $150B Loss Dwarfs Warner's Value
When Larry Ellison made the bid for Warner Discovery, his net worth was $350 billion. Today it's $200 billion. That's down $150 billion, more than the entire value of Warner. Keep that in mind as the Saudis retrench investments. https://t.co/DvJ2hRN8H1 https://t.co/Cv09NOzsS4
XPOF Sale Push Could Yield 2x+ Returns
$XPOF setup is getting interesting - Voss Capital (19%) pushing for a sale - Boutique fitness franchisor trading at ~6x EBITDA vs peers in the mid-teens - If sold, this could easily be a 2x+ - Key issue is the staggered board + insiders...
Advisory Equity Can Yield Tiny Slice of Billion-Dollar Exit
I did some startup advisory in exchange for shares like 5 years ago. The company got acquired and now the new company is refactoring my cut. I'm getting a total of 11 shares which means if they exit for $1B...
Scale Computing Acquires Adaptiv, Uniting Edge and SD‑WAN Expertise
Scale Computing is an Austin-based edge computing and managed network solutions provider backed by Oaktree Capital Management, and has now acquired Adaptiv Networks, a cloud-native SD-WAN and SASE vendor headquartered in Canada. The deal brings together two channel-driven businesses with...
Ellisons' AI Story Can't Hide Overleveraged Media Fire‑sale
The question isn’t what the Ellisons will do with Paramount and WBD, but who will acquire those assets at fire-sale prices when their AI synergy narrative can no longer provide cloud cover for their pair of overleveraged legacy media companies.
DSX Raises Offer, Poison Pill Hinders GNK Takeover
$DSX isn’t giving up on acquiring $GNK - New bid at $23.50/shr (~14% above the rejected offer) - Spread ~7% - DSX (owns 14.5%) brought in $SBLK as a deal partner - Might be interesting at these levels - But keep in mind management...
Three Major M&A/SPAC Deals Unveiled Today
Today's M&A and SPAC notes $TALK to be acquired by $UHS for $5.25 cash per share, 10.3% premium, $835 million $PLMK announced a business combination with Controlled Thermal Resources $ALIS announced a business combination with GoodVision https://t.co/m3Y3HvkUbt
Trump's DOJ Shakeup Leads to Ticketmaster Settlement
When the Trump administration canned DOJ antitrust chief Gail Slater, we wrote that all eyes should be on the Live Nation/Ticketmaster case -- watching to see if her ouster paved the way for a settlement. Today: Settlement.
Founder Group Poised to Close $RSVR Buyout Above $11
$RSVR buyout likely gets done with a bump - Founder-led group (own 65%) bid $10.5/sh days after Irenic (9%) floated $10–11 - Deal likely lands with the founder group at $11+, ~10% above current px - At 15.6x EBITDA, the offer looks somewhat...
NiCE Secures CX Orchestration Lead with $955M AI Deal
The $955M @NiCEltd - @Cognigy deal isn’t just another tuck-in; it’s a move to own the CX orchestration layer for the autonomous enterprise. NiCE is putting rivals on notice by integrating native #Agentic AI. 🚀 Read our take: https://t.co/n8v7iUkNoL #CIO...
EPF Holds Up RM11B Sunway‑IJM Takeover Amid Val
RM11B Sunway-IJM Takeover: The Great GLC Standoff The Employees Provident Fund (EPF) and major institutional shareholders are officially in a holding pattern, freezing an RM11 billion power shift as the Independent Advice Circular faces strategic delays. This regulatory bottleneck creates a...