Deal of the Week

A few decades ago, nobody really questioned vaccines. They were viewed as a standard part of staying healthy and safe. Today, the number of people questioning vaccines risks prolonging a pandemic that has already killed hundreds of thousands of Americans. How we got to this moment didn’t start with the rollout of vaccines or in March 2020, or even with the election of Donald Trump. Our confidence in vaccines, often isn't even about vaccines. It’s about trust. And that trust has been eroding for a long time. Doubt, a new series from Bloomberg’s Prognosis podcast, looks at the forces that have been breaking down that trust. We'll trace the rise of vaccine skepticism in America to show how we got here — and where we’re going. Doubt launches on March 23. Subscribe to Prognosis today on Apple Podcasts, Spotify or wherever you get your podcasts.

The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punished for the crimes. Bloomberg’s Blood River follows a four-year quest to find her killers – a twisting trail that leads into the country’s circles of power. Blood River is out now.

On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek speak with expert guests each week about the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments. 

On this new show from Bloomberg, hosts Francesca Levy and Rebecca Greenfield navigate the productivity industry by way of their own experiences. In each episode, one of the two becomes a human guinea pig as she tries to solve a specific work-related problem. Using the advice of so-called productivity experts, the duo tackles obstacles like ineffective to-do lists, overflowing inboxes and unruly meetings. Follow along with their attempts, insights and missteps, and maybe find a solution that will work for you. 

In the final episode of Deal of the Week, Ed Hammond is joined by Bloomberg Gadfly columnist Brooke Sutherland and Ian King to talk about the fallout from the US government’s unexpected decision to review Broadcom’s attempted takeover of rival semiconductor maker Qualcomm on national security grounds. The trio discuss the contrasting cultures of the two tech giants and ask the question of which company is more likely to keep the US at the forefront of the 5G revolution. Finally, they try to predict how Qualcomm’s shareholders are likely to vote if the Committee of Foreign Investment in the United States ever gives them the chance.

Ed Hammond and New York bureau chief Jason Kelly are joined by private equity reporter Melissa Mittelman to discuss the challenges facing the buyout industry as it looks to put $1.7 trillion of dry powder to work in a deal market characterized by record high valuations and M&A-hungry corporations. The three look at big existential questions, such as: can private equity funds continue as financial engineers or must they morph into savvy operations, are we nearing an era of ill-disciplined buying, and when will Warren Buffett stop complaining and start acquiring? Finally, Jason and Ed focus on Qualcomm's social media efforts to fend off Broadcom's $117 billion takeover offer.

Decrypted returns on March 6th with a brand new season. Here's a sneak peek of what's in store. We'll be releasing new episodes every Tuesday starting next week. 

Ed Hammond is joined by Jason Kelly, Bloomberg’s New York bureau chief, and hedge fund reporter Hema Parmar to talk about the importance of nomenclature on Wall Street. The three focus on the news that hedge funds have taken to calling themselves anything but hedge funds to try and secure investment, and look at why certain names are better at attracting new capital than others. 

Ed Hammond is joined by Jason Kelly, Bloomberg's New York bureau chief, and private equity reporter Melissa Mittelman, to talk about the changes underfoot at Blackstone. The three look at what the world's largest asset manger's plan to appoint Jon Gray to company president says about the future direction of Blackstone, and what it means for the private equity in general. They also tackle the question of whether private equity, with its hundreds of billions of dollars under management, can really still be considered an industry characterized by entrepreneurial zeal. Have the Barbarians at the Gate become just regular corporate citizens?

Ed Hammond is joined by Bloomberg Gadfly columnist Brooke Sutherland and bureau chief Jason Kelly for a deep dive into the latest news on Broadcom's $120 billion effort to acquire rival semi-conductor-maker Qualcomm. After Broadcom increased its offer this week, the three examine what defenses Qualcomm has left and how its shareholders might react if the company's board decides not to sell. They also analyze the likely response from regulators around the globe and how a deal of this size would create a ripple effect throughout the technology industry. 

Jason Kelly, Bloomberg's New York bureau chief, joins Ed Hammond to discuss the news that JPMorgan Chase CEO Jamie Dimon, one of Wall Street's best known and most outspoken personalities, has started to outline plans for his departure. As well as looking at what JPM could look like in a post-Dimon era, the two discuss the broader issues around the declining number of big-name characters on Wall Street - and what such a shift tell us about the current mood among investors. 

Jason Kelly, Bloomberg's New York bureau chief, joins Ed Hammond to talk about the booming M&A market, which passed $150 billion in the first three weeks of the year for the first time since 2000. But despite the strong start, it's not all rosy for some of the world's largest private equity funds as they hunt for takeovers amid soaring equity valuations and fierce competition. The two also look at the latest big activist investor attack on the retailer Lowe's and dig into the news that superstar hedge-funder manager Bill Ackman is laying off staff after another tough year at his Pershing Square Capital Management and will spend less time with investors.

Brooke Sutherland joins Ed Hammond to discuss the ongoing saga at General Electric, and what a breakup for the industrial conglomerate could mean for deal makers and competitors. The two also look at how much a broken up GE might be worth vs its value today, and explore how a long history of empire building has left it ill-prepared to compete with its more nimble rivals in an era when industrial companies are increasingly focused on technology. 

Ed Hammond is joined by Matt Monks to discuss the latest merger trends in America's power and utility industry and a closer look at how local politics can dictate the terms of multi-billion dollar deals

We're about to be singing Auld Lang Syne to 2017. To welcome in the new year, deals reporter Alex Barinka is joined by deals editor Lizzie Fournier and deals reporter Matt Monks to discuss their outlook. Will 2018 see the return of the megamerger? Who's going to have to seek out takeovers to keep up with industry wide competitive changes? And what about those IPOs? All this and more in the final episode of this year.

The deals world was unable to escape the cloud of uncertainty that's followed the election of U.S. President Donald Trump. The value of announced M&A transactions in the U.S. fell by almost a third this year -- the lowest since 2013. Deals reporter Alex Barinka talks to her colleague Matt Monks and U.S. deals editor Lizzie Fournier about 2017’s Trump slump and the other major factors that characterized this year in deals.

Ed Hammond is joined by senior Bloomberg healthcare reporter Robert Langreth to discuss CVS' $68 billion takeover of health insurer Aetna. How will the US regulators respond to this latest vertical merger and how much of CVS' push into the complex insurance market is driven by the threat of Amazon entering the pharmacy market?

Ed Hammond is joined by Bloomberg Intelligence's Paul Sweeney to discuss Meredith's $2.8 billion acquisition of Time Inc and the impact the media merger will have on Time's storied roster of titles. The two also explore the role of the Koch brothers in financing the deal and the prospects for media M&A more generally. 

Ed Hammond is joined by Bloomberg’s Anousha Sakoui and Tara Lachapelle to talk about the future of Fox amid reports that the media company is discussing selling major assets. What would a break up mean for the Murdoch empire and how will the shock decision by the Department of Justice to block AT&T’s $85 billion merger with Time Warner Inc affect the prospects for a Fox deal? 

Ed Hammond talks to Bloomberg's Sara Forden and Tara Lachapelle to get the inside track of AT&T's increasingly bitter fight with the Department of Justice, the chances of the telecom giant's $85.4 billion acquisition of Time Warner being blocked, and what the signals from the newly managed regulator suggest for future of M&A.

A quick note to our listeners.

It’s Deal of the Week’s 100th episode! And to celebrate, Don McCree, vice chairman of Citizens Financial Group, the $19 billion market cap financial services company, is in studio along with Ralph Della Ratta, CEO of Western Reserve. Citizens acquired Western Reserve, a middle market M&A advisory firm, earlier this year to boost its presence in giving advice on deals. McCree and Della Ratta tell their deal story from both sides – the courter and the courtee – to give listeners a first-hand look at how an acquisition takes place, from start to finish.  

Stitch Fix is  going public, confirming Bloomberg’s scoop from  back in March. The online delivery company collects information on customers’ style, size and price preferences and sends users five pieces of clothing for a $20 fee. And guess what? It’s profitable and has had steady revenue growth, with annual sales of $977 million in the year ending July 29. That’s what makes Stitch Fix so unusual, according to Bloomberg Gadfly columnist Shira Ovide and Bloomberg IPO reporter Alex Barinka. In an era of cash-burning, unprofitable startups that push to IPO, Stitch Fix stands out as a professionally run business, founded by CEO Katrina Lake, with a clean balance sheet.  

Accusations of sexual misconduct against Harvey Weinstein haven’t just rocked Hollywood – they’ve also led to the potential destruction of his company, Weinstein Co. The privately-held independent film and TV studio is in talks to sell itself to Colony Capital, the private equity arm of Colony NorthStar, run by billionaire Thomas Barrack. News of an immediate sale after a crisis is rare, but Weinstein Co.’s corporate governance structure and small size leave it vulnerable, says Larry Hutcher, co-founder and co-managing partner at Davidoff Hutcher & Citron. Bloomberg entertainment reporter Anousha Sakoui also tells host Alex Sherman about Weinstein Co.’s recent box-office failures and traces the company’s history, from Miramax to today. 

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. 

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 a recent episode of HBO’s Last Week Tonight. Kevin Carty, a reporter-researcher with The Open Markets Institute, echoes Oliver’s concerns to host Alex Sherman and specifically explains why Sprint and T-Mobile shouldn’t be allowed to merge.  

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.

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! 

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. 

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.

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. 

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. 

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. 

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 other hand, would be a takeover target -- and would come with an enterprise value price tag of $200 billion or more. Will Sprint find a match, or will both partners turn down Son's money-losing asset? Bloomberg reporters Gerry Smith and Scott Moritz give host Alex Sherman their predictions. 

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 decision to leave Weil Gotshal for Hogan Lovells. 

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. 

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 same fate. 

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 recount to host Alex Sherman the ways they were convinced an acquisition was right for both companies. 

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.

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.

"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 and CEO Jeff Bezos's biggest acquisition bet ever.

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 per share. Plus, Sirius's investment comes with a 6 percent dividend on its preferred shares. Bloomberg entertainment reporter Lucas Shaw tells host Alex Sherman that evidence indicates Sirius got the better of Pandora in its deal negotiations.

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.

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.

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.

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.

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 wireless licenses and airwaves.

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.

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 changes? Bloomberg reporters Scott Moritz and Gerry Smith discuss with host Alex Sherman.

This week featured a clash of the retail titans in M&A land. Amazon has reportedly looked at buying both Whole Foods and BJ's Wholesale Club. Meanwhile, Walmart is nearing a deal to buy men's fashion retailer Bonobos for about $300 million. Does Amazon want to be Walmart, and vice versa? Bloomberg consumer team leader Nick Turner and Gadfly columnist Shelly Banjo explain both companies might be thinking to host Alex Sherman.

Company A buys Company B. That's the headline. The reality is more complex. Employee benefits must be transferred, 401(K)s rolled over to new plans, pensions are extended. In many cases, employees are terminated. All of these issues -- standard to any takeover -- can doom a deal. That's why Sean Feller, a partner at Gibson, Dunn & Crutcher, gets hired. He's a member of the firm's executive compensation and employee benefits practice group. Feller tells host Alex Sherman about how executive compensation can act as a motivating factor to sell, although not usually a defining one, and explains the many employee-related concerns that must be dealt with when companies merge.