Bloomberg Businessweek

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily every day on YouTube: http://bit.ly/3vTiACF.Netflix Inc. agreed to buy Warner Bros. Discovery Inc., marking a seismic shift in the entertainment business as a Silicon Valley-bred streaming giant tries to swallow one of Hollywood’s oldest and most revered studios.Under terms of the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix, valuing the business at $82.7 billion including debt. The total equity value of the deal is $72 billion. Warner Bros. will spin off cable networks such as CNN and TNT into a separate company before concluding the sale of its studio and HBO to Netflix.  Media mergers of this scale have a rocky history and this one is expected to bring intense regulatory scrutiny in the US and Europe. Paramount Skydance Corp., which accused Warner Bros. of running an unfair sales process, could also take steps to disrupt the transaction, like by taking an offer directly to shareholders. The company declined to comment.The Netflix deal combines two of the world’s biggest streaming providers with some 450 million subscribers. Warner Bros.’ deep library of programming gives Netflix content to sustain its lead over challengers like Walt Disney Co. and Paramount.Today's show features: Bloomberg News Media and Entertainment Editor Felix Gillette on Netflix agreeing to buy Warner Bros. Discovery Inc. in a deal valuing the business at $82.7 billion including debt Karin Kimbrough, Chief Economist at LinkedIn, on the health of the US labor market and economy Rebecca Homkes, Faculty at the London Business School and at Duke Corporate Executive Education, on how executives should be evaluating the health of consumers, market concentration risk and AI bubble concerns Bloomberg Tech Co-Host Ed Ludlow on Elon Musk’s SpaceX reportedly telling investors and financial institution representatives that it is aiming for an initial public offering in 2026 Bloomberg News Senior Editor, Equities Americas Eric Weiner recaps the week in markets and looks ahead to the Federal Reserve’s upcoming rate decision See omnystudio.com/listener for privacy information.

Dr. Nupoor Narula, MD, MSc is the Bruce Lerman Clinical Scholar, cardiologist, and Director of the Cardiology Vascular Laboratory and Women’s Heart Program at Weill Cornell Medicine. An NIH-funded physician-investigator, her clinical and research interests include genetic aortic diseases and aortic aneurysms and dissections, with a special emphasis on these conditions in women and pregnancy.  Dr. Narula recently received funding from the National Institutes of Health for her research on aortic aneurysms, and the NIH continues to fund related research in the area of women's heart health, which may signal a greater appetite to invest in, and prioritize an increasingly important clinical need. Dr. Narula details her work on cardiac risks to women, particularly during pregnancy, with Carol Massar and Alexis Christoforous on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF. Meta Platforms Inc.’s Mark Zuckerberg is expected to meaningfully cut resources for building the so-called metaverse, an effort that he once framed as the future of the company and the reason for changing its name from Facebook Inc. Executives are considering potential budget cuts as high as 30% for the metaverse group next year, which includes the virtual worlds product Meta Horizon Worlds and its Quest virtual reality unit, according to people familiar with the talks, who asked not to be named while discussing private company plans. Cuts that high would most likely include layoffs as early as January, according to the people, though a final decision has not yet been made. Savings from the metaverse cuts are expected to funnel toward other futuristic projects within Meta’s Reality Labs division, including AI glasses and other wearables, according to people familiar with the plans. The proposed metaverse cuts are part of the company’s annual budget planning for 2026, which included a series of meetings at Zuckerberg’s compound in Hawaii last month, the people said. Zuckerberg has asked Meta executives to look for 10% cuts across the board, which has been the standard request during similar budget cycles the past few years, they added. Today's show features: Gene Munster, Co-Founder and Managing Partner of Deepwater Asset Management, on the latest talent departure from Apple to Meta, and the AI arms race Bloomberg News Senior Technology Reporter Kurt Wagner on Meta CEO Mark Zuckerberg’s plan to cut resources for building the metaverse Jimmy Lee, CEO, The Wealth Consulting Group, on the market outlook heading into 2026 Bloomberg News Consumer Reporter Jeanette Neumann on quarterly earnings from Ulta Beauty See omnystudio.com/listener for privacy information.

Holland, Michigan-based CraftCo. Brands has a diverse portfolio of craft spirits comprised of more than 30 spirits and liqueurs across the bourbon, gin, vodka, rye, and ready-to-drink categories. However, Bloomberg Intelligence notes that the use of weight-loss drugs stand to deepen alcohol's demand slump in the US and Europe, as moderation and wellness trends gain ground. Ali Anderson, the CEO of CraftCo., discusses the outlook for the spirits industry for 2026 and beyond, as well as changing consumer habits when it comes to consumption levels. Ali speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.US companies shed payrolls in November by the most since early 2023, adding to concerns about a more pronounced weakening in the labor market.Private-sector payrolls decreased by 32,000, according to ADP Research data released Wednesday. Payrolls have now fallen four times in the last six months. The median estimate in a Bloomberg survey of economists called for a 10,000 gain.Wednesday’s weak ADP report risks heightening concerns of a more rapid deterioration in the labor market ahead of the Federal Reserve’s final policy meeting of the year next week. It could hold more sway than usual as one of the few up-to-date reports officials will have by then, as the shutdown delayed the government’s November jobs report.Policymakers have been torn as to whether they’ll cut interest rates for a third straight meeting as they attempt to balance the slowdown in the job market with still-elevated inflation. Investors, however, widely expect the Fed to lower borrowing costs next week.Today's show features: Bloomberg Economics US and Canada Economist Stuart Paul on the latest ADP jobs data and near-term expectations for Federal Reserve leadership and policy, and Bloomberg News Consumer Team Leader Emily Cohn on earnings from Macy’s and Dollar Tree, as well as the health of the US consumer Scott Sanborn, Chief Executive Officer of LendingClub, and Bloomberg Intelligence Senior Analyst for US Regional Banks Herman Chan, on the company’s expansion into home improvement financing and the outlook for US monetary policy Amy Rubenstein, CEO of Clear Investment Group, on the distressed real estate market See omnystudio.com/listener for privacy information.

New research from Bank of America Private Bank offers a rare look at how the world’s wealthiest families are preparing for a major generational handover, as nearly 60% expect a leadership transition within the next decade, and how next-gen leaders are reshaping investing, philanthropy, and innovation. The Bank of America Family Office Study captures over 300 family office leaders’ perspectives into how their organizations are navigating complexity and preparing for this seismic change.Elizabeth Thiessen is a Managing Director and the Head of Family Office Solutions with Bank of America Private Bank. She breaks down the figures with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.American Bitcoin Corp. stock plunged on Tuesday after restricted shares of the crypto miner co-founded by Eric Trump were freed up to be traded. The selloff was swift. Shares lost more than half of their value in less than 30 minutes as the equity lockup expired, triggering repeated trading halts. The stock pared declines later in the trading session.Shares from a private placement that took place before American Bitcoin merged with Gryphon Digital Mining Inc. became available on Tuesday, according to the crypto miner and a post on the social media platform X by Trump.“We expect near term volatility as those shares come to market and as some investors take the opportunity to realize gains,” Matt Prusak, president of American Bitcoin, said in a statement.Crypto firms have often seen large declines after the end of share lockup periods or announcing private investment in public equity filings, as their largely retail investor base takes it as a signal to sell. Retail traders often fear that those early investors will want to lock in their gains and unload shares.Today's show features: Bloomberg News Equities Reporter Monique Mulima on the crypto market and the pullback in shares of Eric Trump’s American Bitcoin Corp. Alan Zafran, Co-Founder and Managing Partner of IEQ Capital on the credit market outlook and AI bubble concerns Bloomberg News Wealth Reporter Biz Carson on Michael Dell’s $6.25 billion donation to help fund ‘Trump Accounts’ for American children Louise Phillips Forbes, Real Estate Broker for Brown Harris Stevens, on the outlook for New York City real estate under Mayor-elect Zohran Mamdani See omnystudio.com/listener for privacy information.

Cybersecurity giant Zscaler is a pioneer and global leader in zero trust security. Many of the world’s largest businesses, critical infrastructure organizations, and government agencies rely on Zscaler to secure users, branches, applications, data & devices, and to accelerate digital transformation initiatives.The company says its "Zero Trust Exchange" platform is distributed across 160+ data centers globally, and combines with advanced AI to help combat billions of cyber threats and policy violations every day Jay Chaudhry, Zscaler's Founder, Chairman and CEO, discusses his firm's most recent earnings as well as the landscape for cybersecurity as a service. Jay speaks with Carol Massar, Tim Stenovec, and Mandeep Singh, the Global Head of Technology Research for Bloomberg Intelligence, on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. The start of a historically strong month on Wall Street saw stocks falling as traders shunned riskier corners of the market amid a selloff in cryptocurrencies. A rout in Japanese debt rippled through global bonds. Caution prevailed after a rally that drove the S&P 500 to its longest streak of monthly gains since 2021. The Russell 2000 gauge of small caps slid over 1%. Nearly $1 billion of leveraged crypto positions were liquidated during a sharp drop in prices that brought fresh momentum to a wide-ranging industry plunge. Bitcoin sank to around $85,000. Despite the reduced appetite for risk, Treasuries kicked off the week on the back foot as Japan’s bond yields climbed after comments from the central bank chief spurred rate-hike wagers.Equities lost steam after investors wrapped up a choppy November with gains amid growing speculation that the Federal Reserve is more likely than not to ease policy this month. Today's show features: Doug Ciocca, CEO of Kavar Capital, on markets, the economy and investment strategies to close out 2025 Bloomberg Tech Co-Host Ed Ludlow on Nvidia’s $2 billion investment into chip-design software maker Synopsis Christina Lee, Managing Director and Co-Portfolio Manager for US Private Debt Strategy at Oaktree Capital Management on the health of the US credit market Dana Telsey, Founder, CEO and Chief Research Officer of Telsey Advisory Group, recaps Black Friday and breaks down key retail spending trends for Cyber Monday See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.On this special edition of the show following Thanksgiving, Carol Massar and Vonnie Quinn discuss the day's trade, the state of the consumer and more.Today's show features: Dan O'Connell, CEO of Front Natalie Kotlyar Managing Principal & National Retail Consumer Products Industry Leader at Bdo Clint Henderson, Managing Editor at The Points Guy Norah Mulinda, Bloomberg TV markets correspondent on the day's trade See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.

ACI Worldwide, an innovator in global payments technology, delivers software solutions that power intelligent payments orchestration in real time so banks, billers, and merchants can drive growth, while continuously modernizing their payment infrastructures, simply and securely. In addition to reporting strong third-quarter and year-to-date results, and raising its full-year 2025 outlook as it reported earnings, the company also recently entered into a strategic partnership with BitPay, the world’s leading cryptocurrency payments processor.Robert "Bobby" Leibrock joined ACI as its CFO effective July 1. He breaks down the firm's expansive customer base and details its renewed commitment to digital assets with Carol Massar, Tim Stenovec and Bloomberg News Senior Editor on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.As President Vladimir Putin’s war on Ukraine enters a fourth winter, Russians are having to come to grips with its growing impact on nearly every aspect of their daily lives.Dozens of regions in central and southern Russia are now feeling the war’s proximity as drones and sometimes missiles hit energy sites and residential buildings. Air raid sirens wail almost every night, offering a constant — and very public — reminder of how the conflict is encroaching.Beyond the front lines, the rest of Russia, Moscow included, has started to feel the economic toll. From households cutting back on food spending to struggling steel, mining and energy companies, the country’s economic engine is showing multiple fractures, and the earlier resilience spurred by massive fiscal stimulus and record energy revenues is being tested.The degree of suffering is incomparable to that of Ukraine, and is in any case unlikely to prompt Putin to end the war, yet it underlines the ever-higher cost being extracted for his decision to launch the all-out invasion in February 2022.The fallout is hitting just as the US applies pressure to curb oil and gas revenue flowing to Moscow as part of the Trump administration’s flurry of activity aimed at reaching a ceasefire. Momentum for a deal is growing, with talks shifting to Moscow and US-Russian negotiations known to have been working behind the scenes on a package that would give Kremlin the sanctions relief it wants.Today's show features: Elise Giuliano, Senior Lecturer in Political Science at Columbia University, on whether the US can ultimately get Russia and Ukraine to agree to peace terms as US presidential envoy Steve Witkoff prepares to visit Moscow Bloomberg Economics US and Canada Economist Stuart Paul and Claudia Sahm, Chief Economist for New Century Advisors on Wednesday’s jobless data, the US consumer and the Federal Reserve Beige Book Bloomberg Boston Bureau Chief Brooke Sutherland on the latest earnings from Deere, and why its downbeat 2026 forecast is an indicator of broader economic uncertainty Max Wasserman, Founder and Senior Portfolio Manager of Miramar Capital, on potential concentration risk and over-reliance on AI and technology stocks for returns See omnystudio.com/listener for privacy information.

A new HSBC report launched in collaboration with Know Your Value called "The Giving Shift: Global Living, Local Giving," shows a powerful transformation in how women across the US are building wealth and giving back. Moving away from performative, prestige-driven philanthropy, this new generation of women is ushering in a personal, grounded approach to giving—one rooted incommunity, family, and tangible impact. Racquel Oden, HSBC's US Head of International Wealth and Private Banking, discusses the report's findings as well as the recent shift in sentiment among some private market investors. Racquel speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks.With Hassett, Trump would have a close ally whom the president knows well and trusts installed at the independent central bank, the people said, speaking on the condition of anonymity. Hassett is seen as someone who would bring the president’s approach to interest-rate cutting to the Fed, which Trump has long wanted to control, some of the people said.Still, Trump is known to make surprise personnel and policy decisions, meaning a nomination is not final until it’s made public, they said.White House Press Secretary Karoline Leavitt in a statement said, “nobody actually knows what President Trump will do until he does it. Stay tuned!”Fed chair and governor picks are historically the most direct way a president can influence the central bank. Trump nominated current Chair Jerome Powell during his first term. He came to regret the decision when Powell didn’t push for lower interest rates at the pace Trump wanted.Today's show features: Stuart Kaiser, Head of US Equity Trading Strategy at Citi, on the tug-of-war between market momentum and seasonal trends Bloomberg News Big Tech Team Leader Sarah Frier on Google’s major leap forward in the global AI race Bloomberg Economics Chief Geoeconomics Analyst Jennifer Welch on the latest White House optimism around efforts to negotiate a peace deal between Ukraine and Russia, and whether there is hope for a lasting US-China trade truce Jennifer Ewbank, Founder of Andaman Strategic Advisors, on the recent cyber-attack on the Congressional Budget Office, and the risks of broader cyber-warfare with China Ryan Kelley, Chief Investment Officer and Portfolio Manager at Hennessy Funds, on investment opportunities in small- and mid-cap stocks See omnystudio.com/listener for privacy information.

Upwork (Nasdaq: UPWK) last week outlined its long-term growth strategy and financial outlook at its 2025 Investor Day. Upwork President and CEO Hayden Brown, CFO Erica Gessert, and other executives detailed how the company has fundamentally rewired its business over the last three years and is leading the reinvention of flexible work in the AI era. The company also unveiled its full year 2026 guidance and 2028 growth targets, seeing itself as well-positioned to capture a greater share of the $1.3 trillion global digital knowledge work market.Erica details Upwork's playbook for durable and profitable growth with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.US President Donald Trump and Chinese President Xi Jinping on Monday held their first talks since agreeing to a tariff truce last month, discussing trade, Taiwan and Russia’s invasion of Ukraine. Trump said the telephone call was “very good” and that the leaders spoke about purchases of soybeans and other farm products as well as curbing shipments of illegal fentanyl. The US president said he agreed to visit Beijing in April, and that he had invited Xi for a state visit next year.“Our relationship with China is extremely strong!” Trump posted on social media. “There has been significant progress on both sides in keeping our agreements current and accurate. Now we can set our sights on the big picture.”But the US president’s readout of the call sidestepped one issue — the self-governing island of Taiwan — that was a central focus for Xi. The Chinese leader told Trump that the return of Taiwan to China is a key part of the post-World War II international order, according to a Chinese Foreign Ministry statement. Xi also said the two countries should keep the positive momentum generated during their meeting last month in South Korea and expand cooperation, the statement said.The leaders also spoke about Russia’s invasion of Ukraine and Xi expressed hope for the two sides to reach a binding peace agreement, the ministry said. The call lasted an hour, White House Press Secretary Karoline Leavitt told reporters.Today's show features: Bloomberg News Senior Editor for Technology & Strategic Industries Michael Shepard on the latest White House headlines as peace plans for Ukraine continue to stall, President Trump speaks with China’s Xi Jinping and the US continues to spar with the EU over tariffs. Jennifer Lee, Senior Economist and Managing Director of Economics at BMO Capital Markets, on expectations for this week’s late-arriving PPI and retail sales reports from September Bloomberg Intelligence Senior Technology Credit Analyst Robert Schiffman on Oracle investor scrutiny amid a debt spree to finance artificial intelligence investments Leo Kelly, CEO of Verdence Capital Advisors, on markets and the Federal Reserve’s path forward See omnystudio.com/listener for privacy information.

Frank Sorrentino III is Chairman and CEO of ConnectOne Bank (CNOB), which has banking offices across New Jersey, New York and South Florida. Mr. Sorrentino and other Bergen County civic and business leaders founded the bank to serve local residents and businesses by providing personalized community banking services. Mr. Sorrentino is responsible for the firm's business development plan, while also serving as its community liaison, and sitting on the loan committee. Sorrentino offers his take on the strength of the community banking sector, as well as the direction of US monetary policy in the near-term. Frank speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

Featuring some of our favorite conversations of the week from our daily radio show "Bloomberg Businessweek Daily."Hosted by Carol Massar and Tim StenovecHear the show live at 2PM ET on WBBR 1130 AM New York, Bloomberg 92.9 FM Boston, WDCH 99.1 FM in Washington D.C. Metro, Sirius/XM channel 121, on the Bloomberg Business App, Radio.com, the iHeartRadio app and at Bloomberg.com/audio.You can also watch Bloomberg Businessweek on YouTube - just search for Bloomberg Global News.Like us at Bloomberg Radio on Facebook and follow us on Twitter @carolmassar @timsteno and @BWSee omnystudio.com/listener for privacy information.