On Monday, Zoox became just the third company in America to charge for a robotaxi ride with nobody behind the wheel. In this note, we do the math on a fare card that says more than Zoox intended. We surface a restriction, sitting in a federal filing, that contradicts what Zoox’s CEO told Bloomberg this…
Everything Paramount has done over the past several weeks appears to be inflaming the situation with California Attorney General Rob Bonta and increasing the odds this case goes to trial in March 2027. Given that the merger agreement expires on June 4, 2027, going to trial is a suicide mission that will likely lead to the merger collapsing and the Ellison family being forced to pay the $7 billion breakup…
We opened our STUB IPO preview (link) describing how StubHub’s IPO roadshow was very much about CEO and controlling shareholder Eric Baker’s journey: conceiving StubHub, being forced out, founding viagogo and ultimately buying StubHub back from eBay. We painted the STUB investment story as almost inseparable from Baker himself. Nearly a year later, that remains…
Over the past 24 hours, four notable developments have emerged around the pending antitrust litigation over Paramount’s proposed acquisition of Warner Bros. Discovery. Two came from earnings calls, one from the CEO of the second-largest theater chain and one from Paramount’s own chief legal officer…
While Paramount has repeatedly claimed that the State AGs and the WGA have ignored reality to invent an antitrust case to block the merger of Paramount Skydance and Warner Bros. Discovery, we believe it no longer matters. Nor does David Ellison’s view that the State AGs’ case is politically motivated and tied to CNN. Nor does Chief Legal Officer Makan Delrahim’s view…
When Disney reports fiscal (June) Q3 2026 earnings next Wednesday, August 5th, we expect Disney to announce its first major strategic move under new CEO Josh D’Amaro. We believe Disney will announce the sale of…
Paramount is shifting its conference call format to pre-submitted questions, similar to Netflix, Comcast and Disney. However, unlike those three companies, Paramount will open the call to live Q&A at the end of its Q2 earnings call, which is appreciated as it offers the ability to press on issues that preformulated responses fail to answer. We thought it would be helpful to lay out the major questions we have for Paramount heading into earnings on Tuesday, August 4th.
Late Friday the Financial Times confirmed what we have been warning investors about for the past year. Uber and Waymo are headed for a divorce. In this note, we get into why January 2028 may not even be the real exit date. We share what we found outside Waymo’s depots and inside its partners’ cars.…
With Paramount agreeing not to close its pending acquisition of Warner Bros. Discovery until the earlier of June 1, 2027, or five days after a final court ruling on the merits (link), the $110 billion question is the strength of its legal case. We have focused on Paramount’s contradictory statements surrounding…
While YouTube has a long-term deal to be the exclusive home of NFL Sunday Ticket and YouTube TV offers NFL games on ABC/ESPN, CBS, FOX and NBC, we were surprised that YouTube did not bid more aggressively for a package of NFL games for the 2026-2027 season. After talking about the success of last year’s…
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