Warner Deal Paused, Activism Surges 7/22/2026
Speakers
Carmen Lu
— Partner, Paul Weiss
Scott Sperling
— Co-CEO, THL Partners
Bailey Lipschultz
— Reporter, Bloomberg
Jamie Turturici
— Head of TMT Equity Capital Markets, Barclays
Scarlet Fu
— Anchor, Bloomberg Television
Summary
This episode of Bloomberg Deals covers the Paramount-Warner Bros. deal delay on antitrust grounds, layoffs at Disney's ESPN, and Utz Brands' $3 billion take-private. THL Partners co-CEO Scott Sperling discusses AI and private equity, while activists Carmen Lu and Shaun Mathew analyze record H1 activism, highlighting financials as a growing target. Barclays' Jamie Turturici describes a robust tech IPO pipeline, and the show also touches on Farnborough Airshow deals and Blackstone's retail fund expansion.
- Paramount-Warner Bros. deal temporarily blocked by federal judge; could face costly delays.
- Disney's ESPN undergoes layoffs after NFL network integration.
- Utz Brands to be taken private by Intersnack in a $3B deal, highlighting packaged food M&A.
- THL Partners' Scott Sperling sees AI as secular trend but notes stock-picker's market in software.
- Activism surges in H1 2026, with financials, tech, and industrials as top sectors.
- Barclays' Jamie Turturici sees robust tech IPO pipeline with capacity to absorb supply.
- Farnborough Airshow sees subdued commercial orders but strong defense deals and drone tech.
- Blackstone unveils retail-oriented private market funds with Vanguard.
Ideas
Financials attract activists, unlocking value.
Financial companies are increasingly targeted by activists because they have stagnant valuations, collections of diverse businesses ripe for simplification, and significant cash on books, creating opportunities for capital allocation and returning capital to investors, which should drive share price appreciation.
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