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The Trump M&A Deal Heat

Wall Street has caught M&A fever anticipating the incoming Trump administration, but C.E.O.s may soon regret placing big bets on a scenario rife with what ifs…

Brian Roberts
Chances are that Roberts and Zaz still remember Les Moonves’s quip that Trump’s brand of crazy “may not be good for America, but it’s damn good for CBS.” Photo: Drew Angerer/Getty Images
William D. Cohan
January 9, 2025

Wall Street is gearing up for a big year in M&A. The dealmaker-in-chief is returning to the White House, regulations will supposedly be easing, the U.S. stock markets remain near all-time highs, interest rates seem to have stabilized along with inflation—and both, hopefully, are headed down, at least at the Federal Reserve level. One thing I’ve learned over the years is that once the Wall Street deal machine gets primed, there is no stopping it.