William D. Cohan • August 10, 2022

A Defenestration at the House of Rubenstein

Yes, Kyrsten Sinema has extinguished any fears of closing the carried interest loophole. But the real story out of Washington that Wall Street cares about is what went down at Carlyle. So here goes…

William D. Cohan • August 7, 2022

Zaz Optionality and Elon’s Complaint

Wall Street’s sharp heel turn on Warner Bros. Discovery has media insiders envisioning an M&A Hail Mary. Plus notes on Musk counter-suing Twitter, Sinema bailing out private equity, and Adam Aron’s APE dividend gimmick.

Dylan Byers • August 5, 2022

Zaz & The Art of Investor Maintenance

In the earnings call heard round the world, David Zaslav punctured a wound in the entertainment industry’s top-line subscriber-growth fetish. Now he needs to perform the ultimate superhero task: make huge hits while cutting huge costs.

William D. Cohan • August 3, 2022

The Next Media Deal of the Century?

Tom Rogers, the cable legend, envisions an ambitious and elegant hypothetical: What if Brian Roberts and David Zaslav cook up a merger to compete with Apple and Amazon?

William D. Cohan • July 31, 2022

Lina’s Wrath & The Carried Interest Wars

Notes on what everyone is mumbling about on Wall Street: Buffett’s boffo earnings, more of “the dead cat bounce,” Lina Khan’s Meta example, and the Ackman diatribe of the summer.

William D. Cohan • July 27, 2022

A Love Triangle Only Wall Street Could Love

Revisiting an endless scorched-earth FINRA saga that could only take place in the culture’s most bizarrely regulated industry. Merrill, Wells Fargo, Greenberg Taurig, Lowenstein Sandler: this has ‘em all.

William D. Cohan • July 24, 2022

Elon, Cathie Wood & The Dead Cat Bounce

Notes on the Elon suit and recession anticipation, among other Wall Street dish and concerns.

William D. Cohan • July 20, 2022

Fantasy Netflix M&A

After a less disappointing second quarter earnings report, Netflix appears to be vectoring in the right direction. And yet the stock is still trading 64 percent below its peak, and its officers and directors only own 2.4 percent of its shares in a single-class structure. It could be a pretty appetizing target in a rapidly consolidating entertainment-tech ecosystem.

William D. Cohan • July 17, 2022

The Case Against Elon

The depths of Musk’s legal troubles are clearly laid out in the complaint that Twitter’s attorneys filed in Delaware this week. The legal war is just starting.

Dylan Byers • July 13, 2022

Is Apple’s Eddy Cue About to Get NFL’s Sunday Ticket?

As I learned at Sun Valley, and in subsequent conversations, the deal will likely come in significantly higher than $2 billion a year.

William D. Cohan • July 13, 2022

What Is Warren Buffett Thinking?

While so many asset managers are titillated by post-correction Big Tech stocks, the Oracle is doubling down on… oil and gas? Will the asset-heavy, lower multiple play be his ultimate zag?

William D. Cohan • July 10, 2022

The Musk Reckoning

Wall Street predicts Elon’s exit collateral damage. Plus: Is Netflix’s true EBITDA $20 billion, or adjusted to $6.5 billion? The company won’t say—which may be one reason Wall Street isn’t buying.

Dylan Byers • July 6, 2022

Fast Times at Sun Valley High

Stock prices may be down, but the mood isn’t dour—though companies that once fantasized about shedding linear assets for that coveted Netflix multiple are now thankful for their dual revenue streams. That may be one reason why Disney has abandoned talks to spin ESPN.

William D. Cohan • July 6, 2022

The Bull Case for Netflix

Yes, the stock is down 70 percent and there are legitimate frets about an emerging ad-tier, churn, and increased competition. But the company is only trading at about 4x EBITDA while Tesla is trading at, um, 55x. This is not investment advice, but something weird is going on here.

William D. Cohan • July 3, 2022

Will Trump Get Indicted?

What the lawyers are saying. Plus notes on S.B.F.’s dip-buying moves and Elon Musk’s new competition.