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Bill Cohan joins Peter to make sense of an I.P.O. market that may be in way over its head. He discusses Bending Spoons, whose portfolio of old internet companies just went public at 35 times EBITDA, and Jersey Mike’s, the popular sandwich chain gunning for a $12 billion valuation. Bill explains why both are probably overvalued and evidence that Wall Street banks are willing to sell anything for a quick buck.

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LATEST EPISODES

MLS’s New Goals & MLB’s Labor Curveball

John Ourand joins Peter to debrief on a blockbuster World Cup that’s delivering massive TV ratings and renewing optimism among soccer officials about the sport’s future in the U.S. Then they turn to MLB, where an otherwise terrific season is heading into the All-Star break under the familiar cloud of player–owner labor tensions. To learn […]

Sky’s the Limit

Dylan Byers joins Peter to make the case that Versant is more than its declining linear assets—pointing to the acquisition of Full Swing, the popular golf simulator, as a sign of broader ambitions beyond cable. Dylan also weighs into Sky’s acquisition of ITV, which will make the combined company an attractive acquisition target—assuming they can […]

Platner’s Maine Squeeze

Leigh Ann Caldwell joins Peter to break down the Democrats’ Senate fiasco in Maine, where progressive nominee Graham Platner is reconsidering his campaign after an ex-girlfriend publicly accused him of sexual assault. Then Leigh Ann walks through a fascinating research project that’s been tracking a core group of voters since 2024—and what their evolving feelings […]