Reports

Getty Images has walked away from its $3.7 billion merger with Shutterstock, and the reason is instructive: the only way British regulators would approve the deal was for Shutterstock to sell the exact asset that made the deal worth doing. Getty declined. On June 30, the company's board unanimously resolved not to pursue a sale of Shutterstock's editorial business under the … [Read more...] about Getty Images Kills the $3.7 Billion Shutterstock Merger Rather Than Sell the Editorial Business the UK Demanded

The headline number is $22 billion of enterprise value. The number that decides whether this works is the multiple. Fox is paying roughly 4.6 times trailing sales for Roku and funding part of it by issuing equity the market prices at about 1.5 times its own sales. That spread runs in the wrong direction, and it is the whole reason Fox became the worst performer in the S&P 500 … [Read more...] about Fox’s $22B Roku Deal: 4.6x Sales, Paid in 1.5x Stock

U.S. equity markets return Tuesday from the Memorial Day break with the Dow Jones Industrial Average and the S&P 500 Equal Weight index both sitting at all-time highs, extending a rally that has persistently defied the macro headwinds that, on paper, should have broken it months ago. The short version: artificial intelligence earnings growth has been large enough and consistent … [Read more...] about Tuesday Open: AI Earnings Engine Holds the Line as Iran Overhang Fades to Noise