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THE LATEST ARTICLES
William D. Cohan
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July 23, 2025
The World According to Yergin
Welcome to the fourth annual State of the Energy Markets conversation with my friend Dan Yergin, Pulitzer Prize–winning author and vice chairman of S&P Global.
William D. Cohan
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July 20, 2025
The New Goldman Age
David Solomon has Goldman Sachs operating as effectively as ever—returning billions to shareholders and prepared to take advantage of the regulatory environment to capitalize on a fertile M&A landscape.
William D. Cohan
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July 16, 2025
The Chanos Big Short
Michael Saylor’s Bitcoin repository, now known as Strategy, is enjoying a 2x premium on its BTC holdings. Is this legit, or simply erogeny for Bitcoin maximalists? The legendary short Jim Chanos has another idea…
William D. Cohan
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July 13, 2025
Make-Up Saks
News and notes on the latest creditor-on-creditor violence taking place at Marc Metrick’s debt-stacked baby, Saks Global—including a new twist in the form of a potential big short.
William D. Cohan
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July 9, 2025
Zaz’s $6 Billion Debt Dowry & A Hedge Fund’s Happy Ending
As Warner Bros. Discovery prepares to split in two, Wall Street is salivating over the financial alchemy underpinning the company’s plans to pay down, and divvy up, its outstanding debts—with something like $20 billion or so staying with the cable TV group, and the remaining $6 billion following Zaz on his new Studios & Streaming journey.
William D. Cohan
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July 2, 2025
Everything You Wanted to Know About Saks…
…But were too afraid to ask. Yes, we’ve reached the creditor-on-creditor violence stage of this financial soap opera.
William D. Cohan
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June 25, 2025
How Wall Street Stopped Worrying and Learned to Love the Bomb
In an informal survey of the lords of high finance, executives praised Trump’s strike on Iran, admitted to getting a little verklempt over Israel, and said they won’t worry about the market until there are American boots on the ground. It’s the New York mayor’s race that keeps them up at night.
William D. Cohan
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June 22, 2025
A Matter of Life and Jeff
Correcting the record on the decline and dismantling of GE—once the most valuable company in the world—under Jeff Immelt.
William D. Cohan
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June 18, 2025
Debt Becomes Him
David Zaslav leveraged his way to media moguldom, then diligently paid down $21 billion of debt in three years, and is now making an unusual debt tender offer as part of the process of spinning out WBD’s linear TV assets. Is the offer really too good to refuse, or is it a coercive maneuver that leaves bondholders with little choice?
William D. Cohan
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June 15, 2025
The Zaz Age
As Gunnar Wiedenfels licks his chops over the debt-reduction possibilities at his cable-asset-heavy RemainCo, it’s time to contemplate the possibilities for Zaz’s Streaming & Studios venture. Is a 13x EBITDA multiple possible? If so, could this business kiss a $40 billion market cap, which is nearly twice the value of WBD?