Get 1 free articleSIGN UPApril 27, 2022Since about midday on Monday, much of the media, along with the extremes of our political spectrum, have been losing their collective lunch over what Elon Musk’s acquisition of Twitter will mean for Twitter, for open debate, for “free speech,” for Trump and Alex Jones and other disinformation artists, for Bezos and Gates, and so forth and so on. Sure, these are all valid questions pertaining to Musk’s decision to take Twitter private for $44 billion and to becoming its sole owner, at least until he can find some equity partners. But one key...…Get 1 free articleSIGN UPApril 27, 2022Since about midday on Monday, much of the media, along with the extremes of our political spectrum, have been losing their collective lunch over what Elon Musk’s acquisition of Twitter will mean for Twitter, for open debate, for “free speech,” for Trump and Alex Jones and other disinformation artists, for Bezos and Gates, and so forth and so on. Sure, these are all valid questions pertaining to Musk’s decision to take Twitter private for $44 billion and to becoming its sole owner, at least until he can find some equity partners. But one key...WW…

Get 1 free articleSIGN UPMay 8, 2022Elon Musk is slowly but surely filling his $21 billion hole. It’s actually pretty impressive, when you think about it, especially when you take into account the pie-in-the-sky projections he’s been peddling. There aren’t many among us who could personally buy a company that struggles to make money, for $44 billion, and then pay for it by mortgaging the company itself; margining some $60 billion of stock in another company; and finally going hat-in-hand to friends and investors to find a large portion of $21 billion of additional equity. But that’s exactly...…Get 1 free articleSIGN UPMay 8, 2022Elon Musk is slowly but surely filling his $21 billion hole. It’s actually pretty impressive, when you think about it, especially when you take into account the pie-in-the-sky projections he’s been peddling. There aren’t many among us who could personally buy a company that struggles to make money, for $44 billion, and then pay for it by mortgaging the company itself; margining some $60 billion of stock in another company; and finally going hat-in-hand to friends and investors to find a large portion of $21 billion of additional equity. But that’s exactly...WW…

Get 1 free articleThe EditorsNovember 26, 2022The following is a lightly edited transcript of our Nov. 22 conference call for Inner Circle subscribers, Puck’s highest tier of membership, featuring Matthew Belloni, Dylan Byers, and William D. Cohan, discussing the Disney board’s smoke signals, Iger’s potential M&A playbook, the emerging succession prediction market, and more. To join our next off-the-record live session, upgrade your membership here.Ben Landy: Matt, I want to start with the shock level in Hollywood as this news broke last weekend. You noted in recent weeks that there...…Get 1 free articleThe EditorsNovember 26, 2022The following is a lightly edited transcript of our Nov. 22 conference call for Inner Circle subscribers, Puck’s highest tier of membership, featuring Matthew Belloni, Dylan Byers, and William D. Cohan, discussing the Disney board’s smoke signals, Iger’s potential M&A playbook, the emerging succession prediction market, and more. To join our next off-the-record live session, upgrade your membership here.Ben Landy: Matt, I want to start with the shock level in Hollywood as this news broke last weekend. You noted in recent weeks that there...WW…

Get 1 free articleSIGN UPApril 24, 2022Now that Elon Musk has told the world, in a filing with the Securities and Exchange Commission, that he has obtained up to $46.5 billion of financing commitments for his $54.20-a-share offer for Twitter, the next step for the Twitter board will be to formally reject his offer. The two sides are meeting today to re-examine Musk’s bid, the prelude, perhaps to a more aggressive negotiation. The offer is inadequate, the board will lament. Expect that response soon, probably early this coming week. It won’t be true, of course. His $43 billion offer for...…Get 1 free articleSIGN UPApril 24, 2022Now that Elon Musk has told the world, in a filing with the Securities and Exchange Commission, that he has obtained up to $46.5 billion of financing commitments for his $54.20-a-share offer for Twitter, the next step for the Twitter board will be to formally reject his offer. The two sides are meeting today to re-examine Musk’s bid, the prelude, perhaps to a more aggressive negotiation. The offer is inadequate, the board will lament. Expect that response soon, probably early this coming week. It won’t be true, of course. His $43 billion offer for...WW…

Get 1 free articleSIGN UPMay 4, 2022A couple of weeks ago, in correspondence with me, Warren Buffett wrote that he would answer about why he had decided to offer the odd number of $848.02 a share, in cash, for Alleghany, the big insurance company he just bought for $11.6 billion. Buffett, being Buffett, was obviously up to something. As it turned out, he didn’t want to pay Goldman Sachs’ $27 million investment-banking fee for advising Alleghany on the sale to Berkshire Hathaway. This was quite a turn of events, given that Goldman Sachs has long been Buffett’s preferred Wall Street...…Get 1 free articleSIGN UPMay 4, 2022A couple of weeks ago, in correspondence with me, Warren Buffett wrote that he would answer about why he had decided to offer the odd number of $848.02 a share, in cash, for Alleghany, the big insurance company he just bought for $11.6 billion. Buffett, being Buffett, was obviously up to something. As it turned out, he didn’t want to pay Goldman Sachs’ $27 million investment-banking fee for advising Alleghany on the sale to Berkshire Hathaway. This was quite a turn of events, given that Goldman Sachs has long been Buffett’s preferred Wall Street...WW…

Not long ago, in a politically carnivorous riverside town known as D.C., elite liberals seemed ready to shiv their unpopular president into retirement—gossiping to the Times about his age, making wan public statements of enthusiasm, preemptively knifing him over the midterms. But with renewed momentum, the worm has turned. Not two months ago, the palms of Democratic insiders were dripping with midsummer mid-Atlantic marshmallow-sized beads of sweat. Joe Biden’s approval numbers had fallen to the lowest level of his presidency, 38 percent—a Trumpian danger zone—and a New York Times showed...…Not long ago, in a politically carnivorous riverside town known as D.C., elite liberals seemed ready to shiv their unpopular president into retirement—gossiping to the Times about his age, making wan public statements of enthusiasm, preemptively knifing him over the midterms. But with renewed momentum, the worm has turned. Not two months ago, the palms of Democratic insiders were dripping with midsummer mid-Atlantic marshmallow-sized beads of sweat. Joe Biden’s approval numbers had fallen to the lowest level of his presidency, 38 percent—a Trumpian danger zone—and a New York Times showed...WW…

Weeks ago, TV network executives circled today’s date on their calendars and have since waited with bated breath in the hopes that the NFL would, at long last, release its 2024-25 schedule. But earlier this week, the league enigmatically delayed its schedule release to May 15 without offering a reason. Now, of course, we know why: The league’s top executives have been in the middle of a high-stakes negotiation with Netflix over its planned Christmas Day games.  And now it looks like Netflix will wind up carrying the two NFL games scheduled for December 25, per a bevy of sources. Yes,...…Weeks ago, TV network executives circled today’s date on their calendars and have since waited with bated breath in the hopes that the NFL would, at long last, release its 2024-25 schedule. But earlier this week, the league enigmatically delayed its schedule release to May 15 without offering a reason. Now, of course, we know why: The league’s top executives have been in the middle of a high-stakes negotiation with Netflix over its planned Christmas Day games.  And now it looks like Netflix will wind up carrying the two NFL games scheduled for December 25, per a bevy of sources. Yes,...WW…

Get 1 free articleSIGN UPMarch 30, 2022On Monday evening, Andrew Morse, the executive in charge of CNN+, offered some remarks at a launch party in Hudson Yards attended by top talent from the network and its about-to-debut streaming product. It was a refreshing moment amid a bewildering season beset by Omicron, Cuomo, Zucker, and a clandestine search for his successor, which ultimately led to the hiring of Chris Licht. Morse, who had been considered a contender for the top job on CNN’s greasy pole, did not betray any signs of frustration, angst, or even anxiety. Instead, he sounded like the...…Get 1 free articleSIGN UPMarch 30, 2022On Monday evening, Andrew Morse, the executive in charge of CNN+, offered some remarks at a launch party in Hudson Yards attended by top talent from the network and its about-to-debut streaming product. It was a refreshing moment amid a bewildering season beset by Omicron, Cuomo, Zucker, and a clandestine search for his successor, which ultimately led to the hiring of Chris Licht. Morse, who had been considered a contender for the top job on CNN’s greasy pole, did not betray any signs of frustration, angst, or even anxiety. Instead, he sounded like the...WW…

Get 1 free articleSIGN UPApril 26, 2022Truth be told, incredible wealth doesn’t guarantee incredible power. Many billionaires, in fact, have no discernible impact on public life whatsoever. But when the world’s wealthiest man buys America’s most influential media platform? You betcha. The 0.001 percent are now personally capitalized for vanity projects far beyond mere yachts or sports franchises, such as taking control of a social network with the power to set the daily news agenda and inflame our most noxious cultural debates.Of course, Elon Musk didn’t do it alone. His public takeover of...…Get 1 free articleSIGN UPApril 26, 2022Truth be told, incredible wealth doesn’t guarantee incredible power. Many billionaires, in fact, have no discernible impact on public life whatsoever. But when the world’s wealthiest man buys America’s most influential media platform? You betcha. The 0.001 percent are now personally capitalized for vanity projects far beyond mere yachts or sports franchises, such as taking control of a social network with the power to set the daily news agenda and inflame our most noxious cultural debates.Of course, Elon Musk didn’t do it alone. His public takeover of...WW…

Get 1 free articleSIGN UPMay 11, 2022There’s no denying anymore that the financial markets are in the midst of the long anticipated correction. The smart money around Wall Street has shifted from debating the possibility of an economic downturn to the question of its duration, and depth, and the possibility of timing the bounce and maybe figuring out a way to make money from it. It stinks, I know. Many novice investors who piled into the high-growth stocks in 2020 have no historical memory of a bear market, let alone a period of high inflation. But the past is never dead, as Faulkner said....…Get 1 free articleSIGN UPMay 11, 2022There’s no denying anymore that the financial markets are in the midst of the long anticipated correction. The smart money around Wall Street has shifted from debating the possibility of an economic downturn to the question of its duration, and depth, and the possibility of timing the bounce and maybe figuring out a way to make money from it. It stinks, I know. Many novice investors who piled into the high-growth stocks in 2020 have no historical memory of a bear market, let alone a period of high inflation. But the past is never dead, as Faulkner said....WW…