Zaz’s Christmas Wish & Arnault’s Triumph

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Happy Sunday, and welcome back to Dry Powder.

As we prepare to turn the page on a rocky twelve months in the financial universe, it seems like a perfect time to look closely at some of the major end-of-year plotlines captivating business circles. Namely, the myriad pressures and potential M&A opportunities facing WBD’s David Zaslav; Bernard Arnault’s ascent to become the world's richest man (leapfrogging Elon, to the surprise of no one); and finally, how Musk’s Twitter obsession is both enraging, and hurting, Tesla shareholders.

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Zaz’s Christmas Wish & Arnault’s Triumph

News and notes around Wall Street at the end of holiday party season: the increasing logic of WBD-NBCU, Bernard Arnault’s ascent, and Elon’s Tesla problem.

WILLIAM D. COHAN

Well, it’s no wonder that Warner Bros. Discovery is looking at more write downs than expected, and licensing out some of its valuable I.P., such as Westworld, to pay the bills. Ten dollars. That’s where the WBD stock is these days, down 61 percent since David Zaslav’s deal for Warner Media closed in April. That certainly has to hurt, especially the two biggest WBD shareholders, John Malone and the Newhouse family. But look, the original premise of the deal still makes sense to me...

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