Episodes
Uber’s a steal. Uber’s in turmoil. SoftBank wants to buy a huge stake in Uber. Benchmark, Uber's largest shareholder, wants to sell to SoftBank. Wait, Benchmark doesn't want to sell to SoftBank. There are so many questions about Uber, its valuation, and its future. Bloomberg technology reporter Eric Newcomer has been breaking news on Uber for months. He joins host Alex Sherman to explain the contradictions around Uber and the complicated deal SoftBank is attempting to pull off. 
Published 10/11/17
Nine months of Donald Trump’s presidency hasn’t revealed much on his administration’s antitrust attitudes. While AT&T’s deal for Time Warner appears on pace to close this year, a Sprint and T-Mobile tie-up would serve as a true barometer for how Trump’s antitrust decision makers view competition. The administration’s take on that deal, if it’s announced later this month, could pave the way for future megadeals or chill other attempts. John Oliver railed against corporate consolidation on...
Published 10/04/17
T-Mobile US Inc. and Sprint Corp. could be just weeks from finally announcing a merger. It would be the largest deal of the year, but even if a deal is announced, there’s no certainty it will happen. Regulatory approval is far from assured. Veteran telecommunications analyst Craig Moffett explains why the companies want to merge now and how the government may interpret a merger. He also gives a gloomy outlook for the entire U.S. wireless industry to host Alex Sherman.
Published 09/27/17
How does it feel to watch your company ripped away from you and then merged with an arch-rival in an ill-conceived deal? George Zimmer, founder of Men's Wearhouse, knows firsthand. He not so fondly reminisces about his final days at Men's Wearhouse (let's just say he finds a special place for his old board in Dante's Ninth Circle of Hell) and looks to the future with his new company Generation Tux. He even has some deal news to share! 
Published 09/20/17
Australian company Amcor may be interested in adding plastics to its packaging portfolio with a deal for Bemis. Bloomberg reporters Ed Hammond and Kiel Porter broke the news that Amcor is exploring a takeover of the Wisconsin-based company. They join host Alex Sherman, back from vacation, to explain why plastics are en vogue again, 50 years after The Graduate made them famous. 
Published 09/13/17
Ed Hammond talks to Bloomberg Gadfly's Brooke Sutherland and Gillian Tan about United Technologies' $30 billion takeover of Rockwell Collins and takes a look at the reasons so many deals leak before their announcements.
Published 09/06/17
Paul Taubman, the legendary rainmaker and founder of PJT Partners, talks to Bloomberg's Ed Hammond about the challenges of building an investment bank, what will drive the next wave of M&A, and what it takes to advise companies on their biggest transactions. 
Published 08/30/17
Guest host Ed Hammond talks to Bloomberg's Scott Deveau and Tara Lachapelle about how Sempra won out in the closely contested battle to acquire $9.45 billion Texas electricity supplier Oncor and what the deal means for Warren Buffett. 
Published 08/23/17
It's the 25th anniversary of strategic communications firm Sard Verbinnen, a company that specializes in explaining the rationale for large M&A to investors and the media. George Sard and Paul Verbinnen, the firm's co-founders, have spent countless hours in board rooms right next to bankers, lawyers and executives, brainstorming potential messaging strategies for the world. They share advice for CEOs about how to prepare for a Donald Trump tweet and how to plan for the future. 
Published 08/16/17
As The Bachelorette wraps up another season, a mating dance is developing in the telecommunications world. SoftBank is desperate to find a match for Sprint, the fourth-largest U.S. wireless company, of which it owns 84 percent. It has at least two potential suitors in mind: T-Mobile, the No. 3 U.S. wireless company, or Charter, the second-largest U.S. cable company. With T-Mobile, SoftBank founder and CEO Masayoshi Son would probably have to sell majority control of Sprint. Charter, on the...
Published 08/09/17
Longtime Silicon Valley lawyer Rick Climan and his team have worked on some of tech's biggest-ever deals, including Facebook's acquisition of WhatsApp and Intel's takeover of Altera. His experience working with tech's largest clients led him to champion a study showing that buying power -- the relative difference in size between buyer and seller -- should be used more carefully as a tool when negotiating sale prices in deals. He talks about the results, his long career, and his recent...
Published 08/02/17
Scripps Networks's HGTV has become a household name (pun intended) through its popular reality programming, including Property Brothers and House Hunters. Viacom and Discovery are circling the family-owned cable programmer, which is in advanced talks to sell, according to people familiar with the matter. Bloomberg media reporter Gerry Smith and media analyst Paul Sweeney join host Alex Sherman to discuss why a deal is overdue for all three companies. 
Published 07/26/17
For U.S. IPOs, 2017 has been the year of the flop. Blue Apron has tanked since it started trading last month. Shares of Snap fetch less than $15, the lowest since its debut in March. And the Bloomberg U.S. IPO index has risen just 1.5 percent this year, underperforming the S&P 500's 10 percent gain. What's going on? Bloomberg IPO reporter Alex Barinka joins host Alex Sherman to explain the lackluster performance of Blue Apron and Snap, and how MuleSoft and Canada Goose have avoided the...
Published 07/19/17
Culture seems like a soft, intangible byproduct of mergers and acquisitions. Synergies. Tax efficiencies. Accretion. Those are empirical. That's what drives Wall Street and gives jobs to investment bankers and lawyers. But culture matters to employees, much more than financial engineering. When Trello co-founder Michael Pryor had to decide to sell his enterprise software company to Atlassian earlier this year, his decision centered around cultural fit. Atlassian president Jay Simons and Pryor...
Published 07/12/17
A trifecta of deal news late last week brings Bloomberg M&A reporter Ed Hammond into the studio. He expresses admiration over the price Staples was able to get -- $6.9 billion -- from Sycamore Partners and optimism about Fox's chances to get its Sky acquisition approved. But the news isn't as rosy for Rite Aid and a smaller drugstore company called Fred's.
Published 07/03/17
TPG's latest $450 million investment values Vice Media at a whopping $5.7 billion. That's about double the size of the New York Times. One explanation: Vice's access to millennials, according to Bloomberg media reporter Gerry Smith and Bloomberg Intelligence analyst Paul Sweeney. Still, it's hard to make the numbers add up without taking a giant leap of faith. Gerry and Paul discuss with host Alex Sherman.
Published 06/28/17
"The Everything Store" no longer comes close to describing the totality of Amazon. The company's web services drive enterprise cloud computing. Its video and music services compete with the nation's top media companies. Now Amazon is spending $13.7 billion to own Whole Foods. What won't this company do? And why do shareholders seemingly cheer every move? Bloomberg Gadfly columnists Shira Ovide and Shelly Banjo try to get their hands around all that is Amazon and explain what motivated founder...
Published 06/20/17
Sirius XM has explored an acquisition of Pandora for at least two years. Last year, Sirius floated a $15-per-share offer for Pandora. More recently, the CEO of Liberty Media, Sirius's majority shareholder, said it would buy Pandora for $10 per share. CNBC reported Sirius's final acquisition offer valued Pandora at $8. After all the negotiation, Pandora reached a deal to sell about 20 percent of the business to Sirius for $480 million, valuing the company around $2.4 billion, or just under $10...
Published 06/13/17
Is Blue Apron a technology company or a grocery delivery service? How investors answer that question will go a long way toward setting a valuation for the venture capital-backed startup that's gearing up to go public. Blue Apron filed its S-1 last week, a proverbial box of goodies (not food) for potential shareholders. Bloomberg reporter Alex Barinka explains Blue Apron's growth story, its considerable challenges, and its plan to become a multibillion dollar public company to host Alex Sherman.
Published 06/06/17
Most mergers and acquisitions don't involve nationalistic pride and potential government intervention. Toshiba's potential sale of its memory-chip business is different. Bloomberg's Ian King explains why Toshiba's struggles embody Japan's technological downfall, and how that could affect which company or private equity firm ultimately buys its crown jewel. He also explains why SoftBank is interested in owning a stake in Nvidia, following up on his scoops from last week.
Published 05/30/17
Aaron Kirchfeld, Bloomberg's global M&A executive editor, joins Ed Hammond, filling in for host Alex Sherman, to discuss the recent surge in deals between U.S. and European companies, and the different approaches governments take to acquirers coming from overseas.
Published 05/23/17
It was once a scent-filled mecca of teenage coolness. Now, Abercrombie & Fitch stores are, well, that's part of the problem. It's not exactly clear what Abercrombie & Fitch's future is, according to Bloomberg apparel reporter Lindsey Rupp, co-host of the Material World podcast. She joins host Alex Sherman to explain why Abercrombie's stores always smelled of that strange perfume and why apparel mergers and acquisitions have been difficult to consummate.
Published 05/16/17
Just weeks ago, Straight Path Communications was an obscure telecommunications company with a $400 million market capitalization. Today, it has a equity valuation of about $3 billion, and it's only climbing higher. What happened? A bidding war between AT&T and Verizon, according to people familiar with the matter. Bloomberg Gadfly columnist Tara Lachapelle and Bloomberg wireless reporter Scott Moritz explain why Verizon is forcing AT&T to pay top dollar for a little-known owner of...
Published 05/10/17
Time and Meredith tried and tried to merge, but the marriage wasn't to be. Greg Mason, CEO of digital media company Purch, tells host Alex Sherman the problem is magazine companies just aren't very good businesses. That makes it difficult to find a price where banks are willing to provide financing and both sides want to strike a deal. Legacy publishing companies with big brand names should turn to technology developed by digital media companies...perhaps like his own.
Published 05/02/17
Round and round it goes, and where will it stop? Nobody knows! Spin the wheel of telecom M&A. Will it match T-Mobile and Sprint? T-Mobile and Dish? Verizon and Dish? Verizon and Charter? Comcast and Charter? Or something else entirely? More than a year has passed since these companies were allowed to discuss merging, a byproduct of the government's wireless spectrum auction. That all ends April 27, when the anti-collusion quiet period concludes. Will the telecommunications world see major...
Published 04/25/17