#Mergers

[mostlysignssomeportents]

Why they're smearing Lina Khan

My god, they sure hate Lina Khan. This once-in-a-generation, groundbreaking, brilliant legal scholar and fighter for the public interest, the slayer of Reaganomics, has attracted more vitriol, mockery, and dismissal than any of her predecessors in living memory.

She sure must be doing something right, huh?

A quick refresher. In 2017, Khan — then a law student — published Amazon’s Antitrust Paradox in the Yale Law Journal. It was a brilliant, blistering analysis showing how the Reagan-era theory of antitrust (which celebrates monopolies as “efficient”) had failed on its own terms, using Amazon as Exhibit A of the ways in which post-Reagan antitrust had left Americans vulnerable to corporate abuse:

https://www.yalelawjournal.org/note/amazons-antitrust-paradox

The paper sent seismic shocks through both legal and economic circles, and goosed the neo-Brandeisian movement (sneeringly dismissed as “hipster antitrust”). This movement is a rebuke to Reaganomics, with its celebration of monopolies, trickle-down, offshoring, corporate dark money, revolving-door regulatory capture, and companies that are simultaneously too big to fail and too big to jail.

This movement has many proponents, of course — not just Khan — but Khan’s careful scholarship, combined with her encyclopedic knowledge of the long-dormant statutory powers that federal agencies had to make change, and a strategy for reviving those powers to protect Americans from corporate predators made her a powerful, inspirational figure.

When Joe Biden won the 2020 presidential election, he surprised everyone by appointing Khan to the FTC. It wasn’t just that she had such a radical vision — it was also that she lacked the usual corporate law experience that such an appointee would normally require (experience that would ensure that the FTC was helmed by people whose default view of the world is that it should be structured and regulated by powerful, wealthy people in corporate boardrooms).

Even more surprising was that Khan was made chair of the FTC, something that was only possible because a few Republican Senators broke with their party to support her candidacy:

https://www.senate.gov/legislative/LIS/roll_call_votes/vote1171/vote_117_1_00233.htm

These Republicans saw in Khan an ally in their fight against “woke” Big Tech. For these senators, the problem wasn’t that tech had got too big and powerful — it was that there were a few limited instances in which tech leaders failed to wield that power in the ways they preferred.

The Republican project is a matter of getting turkeys to vote for Christmas by doing a lot of culture war bullshit, cruelly abusing disfavored sexual and racial minorities. This wins support from low-information voters who’ll vote against their class interests and support more monopolies, more tax cuts for the rich, and more cuts to the services they rely on.

But while tech leaders are 100% committed to the project of permanent oligarchic takeover of every sphere of American life, they are less full-throated in their support for hateful, cruel discrimination against disfavored minorities (in this regard, tech leaders resemble the corporate wing of the Democrats, which is where we get the “Silicon Valley is a Democratic Party stronghold” narrative).

This failure to unquestioningly and unstintingly back culture war bullshit put tech leaders in the GOP’s crosshairs. Some GOP politicians actually believe in the culture war bullshit, and are grossly offended that tech is “woke.” Others are smart enough not to get high on their own supply, but worry that any tech obstruction in the bullshit culture wars will make it harder to get sufficient turkey votes for a big fat Christmas surprise.

Biden’s ceding of antitrust policy to the left wing of the party, combined with disaffected GOP senators viewing Khan as their enemy’s enemy, led to Khan’s historic appointment as FTC Chair. In that position, she was joined by a slate of Biden trustbusters, including Jonathan Kanter at the DoJ Antitrust Division, Tim Wu at the White House, and other important, skilled and principled fighters like Alvaro Bedoya (FTC), Rebecca Slaughter (FTC), Rohit Chopra (CFPB), and many others.

Crucially, these new appointees weren’t just principled, they were good at their jobs. In 2021, Tim Wu wrote an executive order for Biden that laid out 72 concrete ways in which the administration could act — with no further Congressional authorization — to blunt corporate power and insulate the American people from oligarchs’ abusive and extractive practices:

https://pluralistic.net/2021/08/13/post-bork-era/#manne-down

Since then, the antitrust arm of the Biden administration have been fuckin’ ninjas, Getting Shit Done in ways large and small, working — for the first time since Reagan — to protect Americans from predatory businesses:

https://pluralistic.net/2022/10/18/administrative-competence/#i-know-stuff

This is in marked contrast to the corporate Dems’ champions in the administration. People like Pete Buttigieg are heralded as competent technocrats, “realists” who are too principled to peddle hopium to the base, writing checks they can’t cash. All this is cover for a King Log performance, in which Buttigieg’s far-reaching regulatory authority sits unused on a shelf while a million Americans are stranded over Christmas and whole towns are endangered by greedy, reckless rail barons straight out of the Gilded Age:

https://pluralistic.net/2023/01/10/the-courage-to-govern/#whos-in-charge

The contrast between the Biden trustbusters and their counterparts from the corporate wing is stark. While the corporate wing insists that every pitch is outside of the zone, Khan and her allies are swinging for the stands. They’re trying to make life better for you and me, by declaring commercial surveillance to be an unfair business practice and thus illegal:

https://pluralistic.net/2022/08/12/regulatory-uncapture/#conscious-uncoupling

And by declaring noncompete “agreements” that shackle good workers to shitty jobs to be illegal:

https://pluralistic.net/2022/02/02/its-the-economy-stupid/#neofeudal

And naturally, this has really pissed off all the right people: America’s billionaires and their cheerleaders in the press, government, and the hive of scum and villainy that is the Big Law/thinktank industrial-complex.

Take the WSJ: since Khan took office, they have published 67 vicious editorials attacking her and her policies. Khan is living rent-free in Rupert Murdoch’s head. Not only that, he’s given her the presidential suite! You love to see it.

These attacks are worth reading, if only to see how flimsy and frivolous they are. One major subgenre is that Khan shouldn’t be bringing any action against Amazon, because her groundbreaking scholarship about the company means she has a conflict of interest. Holy moly is this a stupid thing to say. The idea that the chair of an expert agency should recuse herself because she is an expert is what the physicists call not even wrong.

But these attacks are even more laughable due to who they’re coming from: people who have the most outrageous conflicts of interest imaginable, and who were conspicuously silent for years as the FTC’s revolving door admitted the a bestiary of swamp-creatures so conflicted it’s a wonder they managed to dress themselves in the morning.

Writing in The American Prospect, David Dayen runs the numbers:

Since the late 1990s, 31 out of 41 top FTC officials worked directly for a company that has business before the agency, with 26 of them related to the technology industry.

https://prospect.org/economy/2023-06-23-attacks-lina-khans-ethics-reveal-projection/

Take Christine Wilson, a GOP-appointed FTC Commissioner who quit the agency in a huff because Khan wanted to do things for the American people, and not their self-appointed oligarchic princelings. Wilson wrote an angry break-up letter to Khan that the WSJ published, presaging their concierge service for Samuel Alito:

https://www.wsj.com/articles/why-im-resigning-from-the-ftc-commissioner-ftc-lina-khan-regulation-rule-violation-antitrust-339f115d

For Wilson to question Khan’s ethics took galactic-scale chutzpah. Wilson, after all, is a commissioner who took cash money from Bristol-Myers Squibb, then voted to approve their merger with Celgene:

https://www.documentcloud.org/documents/4365601-Wilson-Christine-Smith-final278.html

Or take Wilson’s GOP FTC predecessor Josh Wright, whose incestuous relationship with the companies he oversaw at the Commission are so intimate he’s practically got a Habsburg jaw. Wright went from Google to the US government and back again four times. He also lobbied the FTC on behalf of Qualcomm (a major donor to Wright’s employer, George Mason’s Antonin Scalia Law School) after working “personally and substantially” while serving at the FTC.

George Mason’s Scalia center practically owns the revolving door, counting fourteen FTC officials among its affliates:

https://campaignforaccountability.org/ttp-investigation-big-techs-backdoor-to-the-ftc/

Since the 1990s, 31 out of 41 top FTC officials — both GOP appointed and appointees backed by corporate Dems — “worked directly for a company that has business before the agency”:

https://www.citizen.org/article/ftc-big-tech-revolving-door-problem-report/

The majority of FTC and DoJ antitrust lawyers who served between 2014–21 left government service and went straight to work for a Big Law firm, serving the companies they’d regulated just a few months before:

https://therevolvingdoorproject.org/wp-content/uploads/2022/06/The-Revolving-Door-In-Federal-Antitrust-Enforcement.pdf

Take Deborah Feinstein, formerly the head of the FTC’s Bureau of Competition, now a partner at Arnold & Porter, where she’s represented General Electric, NBCUniversal, Unilever, and Pepsi and a whole medicine chest’s worth of pharma giants before her former subordinates at the FTC. Michael Moiseyev who was assistant manager of FTC Competition is now in charge of mergers at Weil Gotshal & Manges, working for Microsoft, Meta, and Eli Lilly.

There’s a whole bunch more, but Dayen reserves special notice for Andrew Smith, Trump’s FTC Consumer Protection boss. Before he was put on the public payroll, Smith represented 120 clients that had business before the Commission, including “nearly every major bank in America, drug industry lobbyist PhRMA, Uber, Equifax, Amazon, Facebook, Verizon, and a variety of payday lenders”:

https://www.citizen.org/sites/default/files/andrew_smith_foia_appeal_response_11_30.pdf

Before Khan, in other words, the FTC was a “conflict-of-interest assembly line, moving through corporate lawyers and industry hangers-on without resistance for decades.”

Khan is the first FTC head with no conflicts. This leaves her opponents in the sweaty, desperate position of inventing conflicts out of thin air.

For these corporate lickspittles, Khan’s “conflict” is that she has a point of view. Specifically, she thinks that the FTC should do its job.

This makes grifters like Jim Jordan furious. Yesterday, Jordan grilled Khan in a hearing where he accused her of violating an ethics official’s advice that she should recuse herself from Big Tech cases. This is a talking point that was created and promoted by Bloomberg:

https://www.bloomberg.com/news/articles/2023-06-16/ftc-rejected-ethics-advice-for-khan-recusal-on-meta-case

That ethics official, Lorielle Pankey, did not, in fact, make this recommendation. It’s simply untrue (she did say that Khan presiding over cases that she has made public statements about could be used as ammo against her, but did not say that it violated any ethical standard).

But there’s more to this story. Pankey herself has a gigantic conflict of interest in this case, including a stock portfolio with $15,001 and $50,000 in Meta stock (Meta is another company that has whined in print and in its briefs that it is a poor defenseless lamb being picked on by big, mean ole Lina Khan):

https://www.wsj.com/articles/ethics-official-owned-meta-stock-while-recommending-ftc-chair-recuse-herself-from-meta-case-8582a83b

Jordan called his hearing on the back of this fake scandal, and then proceeded to show his whole damned ass, even as his GOP colleagues got into a substantive and even informative dialog with Khan:

https://prospect.org/power/2023-07-14-jim-jordan-misfires-attacks-lina-khan/

Mostly what came out of that hearing was news about how Khan is doing her job, working on behalf of the American people. For example, she confirmed that she’s investigating OpenAI for nonconsensually harvesting a mountain of Americans’ personal information:

https://www.ft.com/content/8ce04d67-069b-4c9d-91bf-11649f5adc74

Other Republicans, including confirmed swamp creatures like Matt Gaetz, ended up agreeing with Khan that Amazon Ring is a privacy dumpster-fire. Nobodies like Rep TomM assie gave Khan an opening to discuss how her agency is protecting mom-and-pop grocers from giant, price-gouging, greedflation-drunk national chains. Jeff Van Drew gave her a chance to talk about the FTC’s war on robocalls. Lance Gooden let her talk about her fight against horse doping.

But Khan’s opponents did manage to repeat a lot of the smears against her, and not just the bogus conflict-of-interest story. They also accused her of being 0–4 in her actions to block mergers, ignoring the huge number of mergers that have been called off or not initiated because M&A professionals now understand they can no longer expect these mergers to be waved through. Indeed, just last night I spoke with a friend who owns a medium-sized tech company that Meta tried to buy out, only to withdraw from the deal because their lawyers told them it would get challenged at the FTC, with an uncertain outcome.

These talking points got picked up by people commenting on Judge Jacqueline Scott Corley’s ruling against the FTC in the Microsoft-Activision merger. The FTC was seeking an injunction against the merger, and Corley turned them down flat. The ruling was objectively very bad. Start with the fact that Corley’s son is a Microsoft employee who stands reap massive gains in his stock options if the merger goes through.

But beyond this (real, non-imaginary, not manufactured conflict of interest), Corley’s judgment and her remarks in court were inexcusably bad, as Matt Stoller writes:

https://www.thebignewsletter.com/p/judge-rules-for-microsoft-mergers

In her ruling, Corley explained that she didn’t think Microsoft would abuse the market dominance they’d gain by merging their giant videogame platform and studio with one of its largest competitors. Why not? Because Microsoft’s execs pinky-swore that they wouldn’t abuse that power.

Corely’s deference to Microsoft’s corporate priorities goes deeper than trusting its execs, though. In denying the FTC’s motion, she stated that it would be unfair to put the merger on hold in order to have a full investigation into its competition implications because Microsoft and Activision had set a deadline of July 18 to conclude things, and Microsoft would have to pay a penalty if that deadline passed.

This is surreal: a judge ruled that a corporation’s radical, massive merger shouldn’t be subject to full investigation because that corporation itself set an arbitrary deadline to conclude the deal before such an investigation could be concluded. That’s pretty convenient for future mega-mergers — just set a short deadline and Judge Corely will tell regulators that the merger can’t be investigated because the deadline is looming.

And this is all about the future. As Stoller writes, Microsoft isn’t exactly subtle about why it wants this merger. Its own execs said that the reason they were spending “dump trucks” of money buying games studios was to “spend Sony out of business.”

Now, maybe you hate Sony. Maybe you hate Activision. There’s plenty of good reason to hate both — they’re run by creeps who do shitty things to gamers and to their employees. But if you think that Microsoft will be better once it eliminates its competition, then you have the attention span of a goldfish on Adderall.

Microsoft made exactly the same promises it made on Activision when it bought out another games studio, Zenimax — and it broke every one of those promises.

Microsoft has a long, long, long history of being a brutal, abusive monopolist. It is a convicted monopolist. And its bad conduct didn’t end with the browser wars. You remember how the lockdown turned all our homes into rent-free branch offices for our employers? Microsoft seized on that moment to offer our bosses keystroke-and-click level surveillance of our use of our own computers in our own homes, via its Office365 bossware product:

https://pluralistic.net/2020/11/25/the-peoples-amazon/#clippys-revenge

If you think a company that gave your boss a tool to spy on their employees and rank them by “productivity” as a prelude to firing them or cutting their pay is going to treat gamers or game makers well once they have “spent the competition out of business,” you’re a credulous sucker and you are gonna be so disappointed.

The enshittification play is obvious: use investor cash to make things temporarily nice for customers and suppliers, lock both of them in — in this case, it’s with a subscription-based service similar to Netflix’s — and then claw all that value back until all that’s left is a big pile of shit.

The Microsoft case is about the future. Judge Corely doesn’t take the future seriously: as she said during the trial, “All of this is for a shooter videogame.” The reason Corely greenlit this merger isn’t because it won’t be harmful — it’s because she doesn’t think those harms matter.

But it does, and not just because games are an art form that generate billions of dollars, employ a vast workforce, and bring pleasure to millions. It also matters because this is yet another one of the Reaganomic precedents that tacitly endorses monopolies as efficient forces for good. As Stoller writes, Corley’s ruling means that “deal bankers are sharpening pencils and saying ‘Great, the government lost! We can get mergers through everywhere else.’ Basically, if you like your high medical prices, you should be cheering on Microsoft’s win today.”

Ronald Reagan’s antitrust has colonized our brains so thoroughly that commentators were surprised when, immediately after the ruling, the FTC filed an appeal. Don’t they know they’ve lost? the commentators said:

https://gizmodo.com/ftc-files-appeal-of-microsoft-activision-deal-ruling-1850640159

They echoed the smug words of insufferable Activision boss Mike Ybarra: “Your tax dollars at work.”

https://twitter.com/Qwik/status/1679277251337277440

But of course Khan is appealing. The only reason that’s surprising is that Khan is working for us, the American people, not the giant corporations the FTC is supposed to be defending us from. Sure, I get that this is a major change! But she needs our backing, not our cheap cynicism.

The business lobby and their pathetic Renfields have hoarded all the nice things and they don’t want us to have any. Khan and her trustbuster colleagues want the opposite. There is no measure so small that the corporate world won’t have a conniption over it. Take click to cancel, the FTC’s perfectly reasonable proposal that if you sign up for a recurring payment subscription with a single click, you should be able to cancel it with a single click.

The tooth-gnashing and garment-rending and scenery-chewing over this is wild. America’s biggest companies have wheeled out their biggest guns, claiming that if they make it too easy to unsubscribe, they will lose money. In other words, they are currently making money not because people want their products, but because it’s too hard to stop paying for them!

https://www.theregister.com/2023/07/12/ftc_cancel_subscriptions/

We shouldn’t have to tolerate this sleaze. And if we back Khan and her team, they’ll protect us from these scams. Don’t let them convince you to give up hope. This is the start of the fight, not the end. We’re trying to reverse 40 years’ worth of Reagonmics here. It won’t happen overnight. There will be setbacks. But keep your eyes on the prize — this is the most exciting moment for countering corporate power and giving it back to the people in my lifetime. We owe it to ourselves, our kids and our planet to fight one.

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/07/14/making-good-trouble/#the-peoples-champion

[Image ID: A line drawing of pilgrims ducking a witch tied to a ducking stool. The pilgrims' clothes have been emblazoned with the logos for the WSJ, Microsoft, Activision and Blizzard. The witch's face has been replaced with that of FTC chair Lina M Khan.]

[odinsblog]

“Only a handful of companies control the cereal market. And the cost to consumer is really interesting because Americans are used to fewer choices. I'm thinking about the impact of Walmart on smaller businesses. The trade-off was that the prices were cheap. But in reality, we are actually paying more because we have less choice.

What's happened is when you have concentrated power over any market, those who have the power get to dictate wages to the workers and also what they pay to their suppliers. And in the food system, that would be farmers, ranchers. And if you look at what's happened in the last 40 years in the United States, we've had remarkably stagnant wages for ordinary Americans and we've had a huge decline in the number of farmers and ranchers and the middleman is able to take the profit.

And that's why you need competitive markets. That's what capitalism is supposed to be about, but what we really have is a form of corporate socialism. And once four companies control about 40% of a market, you don't really have competition anymore because they're able to signal to one another price increases.

They're able to signal to one another how much they want to pay suppliers. A good analogy would be, let's say you want to sell your house. If you're going to sell your house, you want 50 to 60 people really eager to buy it. But if there's only one or maybe two, you're much more likely to get a lower price. And that's what America's farmers and ranchers have now found. And it's devastated the countryside as a result.

But when we go to the grocery store, we go right down any major city street and we see several grocery stores, we actually think we're looking at different stores with different options. And that’s really not true.

You know, when you go to the supermarket, there are thousands of products and you think they're independent companies, but they're made by a handful of companies. The Biden administration right now is trying to block the merger of Kroger's and Albertsons.

These are the two biggest supermarket chains, but you wouldn't necessarily realize it because they operate under dozens of different names. So I'm just going to give you some of Kroger's, for example, supermarkets. Ralph's, Dillon's, Smith's, King's Super's, Fry's, QFC, City Market, Owens, JC, Baker's, Harris Teeter, Pick and Save, Metro Market, Fred Meyer, and then Albertsons's, Safeway, Vaughan's, Shaw's, Tom Thumb, United Supermarkets, Pavilions, Cars, King Foods, on and on and on.

So you think you have a choice of dozens of different supermarkets, but it's only two. And if this merger is allowed to go through, it'll only be one.”

—The illusion of choice and the oligopolization of the food industry

[mysticdragon3md3]

[follow-up-news]

The Federal Trade Commission on Tuesday voted unanimously to block Tempur Sealy International’s takeover of Mattress Firm. About a year ago Tempur Sealy agreed to acquire the retailer for $4 billion. The merger of Tempur Sealy’s manufacturing and supply chain operations and Mattress Firm’s store fleet would foster “enormous power at multiple parts of the mattress supply chain” and enable the combined entity “to suppress competition and raise prices for mattresses for millions of consumers,” the FTC said. The commission also authorized a federal legal challenge. In a statement, Tempur Sealy expressed confidence “in the procompetitive rationale for this transaction,” and its ability to prevail in court quickly, “which would allow us to close the transaction in late 2024 or early 2025.”

[dailyplanet-loislane]

M&A will make a comeback under Trump

[historyhermann]

Unicorn: Warriors Eternal Spoiler-Filled Review

Unicorn: Warriors Eternal is a mature supernatural fantasy comedy with steampunk elements. Genndy Tartakovsky, who is well-known in the animation industry, is the director and creator. He is best known for Dexter's Laboratory, Star Wars: Clone Wars, Sym-Bionic Titan, and Samurai Jack, and more recently, Primal. This piece was written during the 2023 WGA and SAG-AFTRA strikes. Without the labor of the writers and actors currently on strike, Unicorn: Warriors Eternal, being reviewed here, wouldn't exist.

Reprinted from Pop Culture Maniacs and Wayback Machine. This was the forty-first article I wrote for Pop Culture Maniacs. This post was originally published on July 24, 2023.

This series has a simple plot: a group of heroes are inadvertently awakened by Copernicus, a steam-powered robot, in bodies of three teenagers (Emma, Alfie, and Dimitri), rather than in bodies of adults, like in the past. These heroes are opposed by a mysterious foxlike woman (voiced by Grey DeLisle), who embodies evil.

Unicorn: Warriors Eternal drew me in as a person who enjoyed watching Star Wars: Clone Wars as a kid (and have re-watched it various times), and liked Samurai Jack and Sym-Bionic Titan. Voice actors like Jacob Dudman (voice of Edred) who voiced two characters in Primal, and DeLisle, voice of the mysterious woman and the original Melinda, strengthen this series.

Delisle is well-known for her work in animation, including voicing characters in Invincible, Kid Cosmic, The Owl House, Kipo and the Age of Wonderbeasts, DC Super Hero Girls, She-Ra and the Princesses of Power, Elena of Avalor, Star Wars Rebels, The Legend of Korra, Young Justice, and My Life as a Teenage Robot. In contrast, Hazel Doupe, the voice of Emma in this series, is unique. This is her first voice role, as she has only done live-action series before.

I wasn't as familiar with Jeremy Crutchley, Demari Hunte, Alain Uly, Tom Milligan, Ron Bottita, or George Webster, the voices of Merlin, Alfie, Seng, Lord Edward Fairfax, and Winston in Unicorn: Warriors Eternal. I say this even though Crutchley voiced Glad-One and One in Infinity Train, and Uly as Lieutenant Maylur and two stormtroopers in Star Wars: The Bad Batch.

Others, such as Hunte, Milligan, Bottita, Webster, appear to be new to voice work. Rosalind Ayres (voice of Lord Katherine Fairfax) previously voiced characters in video games while Robbie Daymond (voice of various one-off characters) lent his voice to the notorious Curious Cat in Volume 9 of RWBY! He voiced Jesse in Infinity Train season 2, Raymond in OK K.O. Let's Be Heroes!, and many other English dubs of anime characters.

The steampunk setting in Victorian London, in 1890, in this series, reminded me of Steamland in Disenchantment, the upper city in Arcane, or the similarly steampunk action anime, Princess Principal, which spawned a multi-part film series. The steampunk genre has even reached into indie animation and comics. It includes films like Snowpiercer, Atlantis: The Lost Empire, and Howl's Moving Castle, along with animated series like Nadia: The Secret of Blue Water and The Legend of Korra. I am even reminded of an unaired 2001 pilot for Constant Payne, by Indigenous writer Micah Wright. It has a strong steampunk aesthetic.

Unicorn: Warriors Eternal is different than all of those previously mentioned. It is unique in its own way. Just as Samurai Jack was set in the future, with magic, robots, lasers, and the like, this series is set in an alternate world. Unlikely the haphazard and strange inclusion of futuristic technology in the far-too-short Yasuke, this series is much more complete. It draws inspiration from works by animators Max Fleischer and Osamu Tezuka, films by Hayao Miyazaki (like Howl's Moving Castle) and other steampunk aesthetics.

The show's character designer, Stephen DeStefano, worked on Sym-Bionic Titan, Primal, and other projects, with Tartakovsky. He pushed, as did Tartakovsky, to ensure the series had an "old aesthetic" but was told "in a very contemporary way". The studio producing the series, Cartoon Network Studios, has produced many of Tartakovsky's previous projects. Some of the same animators who worked on his previous projects may be working on this series.

These animators could not do their work without the writers. If a recently circulated spreadsheet is representative of Cartoon Network Studios as a whole, it would mean that, for animators, there is repetitive work, little opportunity for advancement, sterile environment due to the Warner-Discovery merger, disorganization, burnout, and overwork. There are two primary show writers: Darrick Bachman and Tartakovsky. While the latter is more well-known, the former is not, despite his work on Primal, Samurai Jack, Regular Show, Star Wars: Clone Wars, and many animated series, some of which he worked on with Tartakovsky.

If Glassdoor is accurate, each of these writers makes somewhere between $46,000 to $83,000 a year. I would guess that Tartakovsky is paid more than Bachman. In any case, the conditions the writers work in influences whether a show is "high-quality" or "low-quality". High Guardian Spice was said to be the latter, until it was revealed that the working conditions at Crunchyroll were horrendous. This does not appear to be the case for Cartoon Network Studios. The recent closure of the iconic studio's headquarters, with employees told to move to a sterile, lifeless Warner Bros. building instead, it does not bode well.

Even some predicted that under David Zaslav, it is difficult to "imagine a future in which the studio’s original animation output can match what it has been in the past," with a strong shit to reboots rather than original series. However, if the writers, and actors, are successful in their strike, these conditions may change for the better. On the other hand, the studios are doing all they can to burn down motivation of actors and writers, while stockpiling completed works and scripts before the strikes began.

Coming back to the series, Unicorn: Warriors Eternal is a relatable coming-of-age story. The protagonist, Emma (who can transform into Melinda) is struggling to determine whether she is "Emma" or "Melinda". She loses control of her powers after any emotional outburst she has. Having one's powers tied to their emotions is not new. In the last half of Elena of Avalor's final season, the protagonist, Elena Castillo Flores, had to wrestle with the fact that her magical abilities were tied to her emotional moods. The same was the case for Steven Universe in the series of the same name, and in Steven Universe Future.

For Emma/Melinda, her anger and fury seem to be how she expresses her power, in a super saiyan esque transformation. While this expression of raw power can be effective in defeating enemies, it doesn't prevent her from hurting people, unintentionally, in the process. For instance, in the second episode, she uses this power to defeat a huge magically possessed elephant. However, her fiancé Winston is badly hurt in the process and the surrounding area is nearly obliterated.

The use of her abilities in Unicorn: Warriors Eternal are complicated by her relationship with Edred, a warrior elf. He reincarnates in the body of a wanna-be magician named Dimitri. After Copernicus resurrects him, he rushes over to Emma/Melinda, and kisses her. While he has memories of their relationship, Melinda-as-Emma does not. Making matters worse, she still has some romantic feelings for Winston, who wants to "rescue" her from her "new" form.

This contrasts with Edred. He can effectively fight with a sword in manner which almost seems reminiscent of the sword-wielders in anime or those in Western animations like Amphibia, She-Ra and the Princesses of Power, and Steven Universe. Like all Tartakovsky productions, Edred has his own specific style. Every character is stylized in their own way. This is thanks to the aforementioned character designer, DeStefano, and work by many others at Cartoon Network Studios. The same is the case for their battle moves and attacks. It sets the series apart from others with similar themes.

The team of Emma/Melinda, a cosmic monk named Seng (in the body of a young Black ruffian named Alfie), Copernicus, and Edred, make an interesting combination. Each has personal issues they must overcome. Seng cannot fully comprehend the cosmic plane as a young child. Edred has a "clouded" mind despite having a largely intact memory and retains his power. Emma/Melinda has an identity crisis. She even tells Winston, at one point, that she isn't Emma anymore and that the Emma he knew is dead. This is a cold, hard truth which is hard for him to accept.

The complications in each character's lives make it an increasing challenge for these heroes, whose souls are tasked with protecting the world throughout eternity. With the scrambled memories, especially of Emma/Melinda, and the fact that only Edred remembers the most about their role in fighting evil, it makes the story that much more intriguing. The secretive villain is almost as devious as Shadowy Figure in O.K. KO!, but shares more characteristics with Kilgore in Justice League x RWBY: Super Heroes and Huntsmen, Part 1. He aimed to change the Justice League into teenagers, so they are "vulnerable", are ripped apart by the world, and have to deal with emotions they ignore or regress as adults.

There is one major difference. The villain in Unicorn: Warriors Eternal never intended on awakening the Order of the Unicorn (Melinda, Seng, Edred, and Copernicus). Instead, she wanted to destroy Copernicus so the order would cease to exist. The villain exploits the situation for her own ends. She hopes that these heroes will be resurrected one final time. The heroes will do anything they can to stop this evil, with Edred declaring that the villain will "not succeed".

In future seasons, Melinda's insecurities may be exploited just as Invictus did with Ash Graven in Final Space. If so, she may turn against her friends. It is hard to say whether the series villain will be as devious as Aku, who had built an entire empire and dedicated many of his resources to track down Samurai Jack.

By the show's third episode, there is a clear focus on discrimination, specifically how humans will "other" that which they don't understand. The response of the British police and Scotland Yard to a theft of priceless artifacts bound for the British Museum is to arrest anyone engaged in "magic" in London. There are mass arrests of soothsayers, fortune tellers, and anyone else on Mystic Row.

To make matters worse, they put up a Wanted poster for Emma/Melinda. Even when two spiritualists, Clarice Leydoux and Lao Xi Sheng, tell the police detective the reality, he doesn't believe them. Clearly, the police in this series, including Inspector General Hastings (voiced by Gildart Jackson), do not know how to deal with the situation at hand. People such as Agatha (voiced by Rosalind Ayres), another royal official, try and put in place more order.

Through it all, Emma/Melinda tries to figure out herself. She isn't sure of her connection with Winston, who she inadvertently injured. She even goes to a seance which separated her two identities, making her question whether she wants to be a hero or not. As a result, she declares that she hates the other part of herself. Her father even realizes that she is different, remarking "that is not our daughter". Winston remains in pursuit, even when he clashes with Edred on who "truly" loves her.

After the first two episodes, the series explored the insecurities of Seng. The villains cause him to be swallowed by a cosmic fox. The latter, known as a Lady Fox, attacks them. An amazingly animated chase scene on the rooftops follows, reminding me of similar scenes in Star Wars: The Clone Wars and Samurai Jack. In the fourth episode, this is more apparent. Seng is unable to use his powers while he is trapped on an abandoned ship with other Unicorn team members. He even starts to become translucent! Although they escape this predicament, it could foreshadow more trouble for Seng in the future.

As Emma/Melinda learns more about the story of her Melinda side, with the child version of original Melinda voiced by Marley Cherry Hilbourne. She learns that her mother, Morgan Le Fay (voiced by Peta Johnson), was terribly injured, thanks to her. It is revealed that Merlin (voiced by Jeremy Crutchley) is her father. The conflict between the two halves of herself remains an important part of the story. This is especially the case when they all fight a big squid threatening to destroy the town. Her attempts at reconciliation do not go well, even though she is making some progress by the seventh episode.

At the end of the fifth episode, Unicorn: Warriors Eternal takes a bold step: it appears to kill off one of its protagonists, Copernicus. This is comparable to a similar "loss" of Octus in Sym-Bionic Titan. While Emma/Melinda is most distraught, she works together with Edred to find someone to repair Copernicus. They find an inventor named Otto (voiced by Jason O'Mara), thanks to a robot named Dashwood (voiced by Chris Butler). He works on a huge floating airship, which functions like a space station.

He remarks that Copernicus is like a robot he hasn't created yet, but he says it feels familiar. Copernicus cannot fully come back until his magical power is restored. He is a futuristic magical being. The power from an ancient magical stone is used by Merlin. He brings Copernicus back to life. Even so, this sequence implies that Copernicus can die, in certain instances.

The seventh episode of Unicorn: Warriors Eternal is a rollercoaster ride. It is revealed that Edred left his bride-to-be, in an arranged marriage meant to unite two clans, to be with Melinda. At the same time, it is further implied that Emma/Melinda somewhat remembers this. The quest to get the necessary magical power, the presence of Merlin, and restoration of balance, causes Edred's brother, Aelwulf (voiced by Jack Bandeira), to regain respect for him.

At the end of the seventh episode, the Unicorn team learns that they still have evil to fight, and that their time in this world has not ended. It is implied that Merlin will help they stop it. The eighth episode throws this into question. Out of nowhere, Merlin appears and tells them to come "quickly" to battle an evil machine killing the land. While they meet the mighty tiger Rakshasa (voiced by Sunkrish Bala), Merlin attacks Emma/Melinda, surprising them all.

The last three episodes of Unicorn: Warriors Eternal lay bare tensions between the group members. This is clear with the addition of a new member, Winston, who can become a werewolf. Predictably, Edred objects, as Winston has feelings for Emma/Melinda. All the while there is the fight against evil, which exudes dark magic.

This reaches a critical point in the ninth episode when the evil leaves Merlin and enters the cosmic realm. They meet an older Seng who has been fighting it for over 20 years, with no success. It is said that if the evil devours everything, the world will end. Merlin and Rakshasa remain optimistic until  Emma and Melinda are split apart.

I wish Unicorn: Warriors Eternal had been longer. By the eighth episode, it appears that Melinda is coming to peace with the part of her who is Emma, and vice versa. This seemed too quick. Her struggle with her identity could have stretched across an entire season of 20 to 26 episodes. Take Cassandra in Rapunzel's Tangled Adventure, for example. She is mentally manipulated by Zhan Tri. Even so, she tries to figure out her identity and how she feels about Rapunzel. Like that series, which ended with a bang, this series is burdened by compulsory heterosexuality. Tangled differs by featuring well-recognized gay vibes between Rapunzel and Cassandra, shipped by fans as "Cassunzel".

Much of the internal struggle that Emma/Melinda experiences is couched by a love triangle. Emma loves Winston, while Melinda loves Edred. However, Edred hates Winston and vice versa. Due to the propensity of male characters in this series, there isn't any character, female, non-binary, or otherwise, written for Emma/Melinda that would allow her to have a queer romance.

Even so, the struggle of Emma to reunite with Melinda, resulting in defiance of her by-the-book parents, is promising. Considering this series is set in the 1890s, it is no shock that Emma's parents try to hold her back. They think she is out of her mind and want to bring her to a doctor, who will commit her to an asylum. Her actions, including drawing on equations on the walls of the bathroom, akin to the oft-memed scene from It's Always Sunny in Philadelphia in which Pepe Silvia goes on a conspiratorial rant, don't help her case. In her defense, she is desperate and wants to get back to the cosmic realm at any cost.

This episode goes off the rails when two huge men try to capture Emma and bring her to "the doctor". What follows is an intense chase scene in which Emma has many near-death experiences, and barely escapes those trying to get her, even riding a steam-powered tram to Mystics Row. Two mystic warriors (Clarice Leydoux and Lao Xi Sheng) offer to help her. With their assistance, she uses the Heart of the Forest to get to the cosmic realm.

The Unicorn: Warriors Eternal finale concludes strongly. Emma inspires everyone, reuniting with Melinda, and convinces them to combine their powers into one. They strike a decisive blow against evil forces. This is blunted by the surprising revelation: Morgan is trapped in the heart of the evil beast! At the end of the episode, the protagonists find themselves in a bizarre world in which "the evil" has changed everything. Emma/Melinda gets the last word, noting their determination to save Morgan and defeat the evil being no matter what.

The ending is not definitive, but is open-ended. The central conflict rings true, especially if seen as a metaphorical extension of Genndy Tartakovsky as a Jewish immigrant who faced pressure to support his mother and live up to the myth of a "model minority". A possible second, or even third, and fourth season, could expand upon these characters and their struggles. Possibly, the series may go an Infinity Train route, having different characters for each season.

I hope that any possible future seasons of Unicorn: Warriors Eternal would increase diversity of the cast. Surely, there are talented voice actors like a Black men Demari Hunte (voice of Seng) and Victor Alli (voice of Adult Seng). They are joined by a Filipino man, Alain Uy (voice of Lao Xi Sheng), an American actor of Tamil descent, Sunkrish Bala (voice of Rakshasa), and a British actor of Iraqi, Lebanese, and Indian descent, Brian George (voice of Darvish).

From the available lists of the cast members, I'm not seeing much diversity beyond the aforementioned individuals. A quick read of the cast list for Primal, indicates that the series has a much more diverse cast than this series! Perhaps, this is just reflecting the fact that historically, London was ethnically homogeneous, composed primarily of White British residents, until after World War II. By 1891, over 5.6 million were living in Greater London, a number which would grow in later years.

Cartoon Network Studios president, Sam Register, is an executive producer, and Shareena Carlson is supervising director. Unicorn: Warriors Eternal is expertly animated thanks to Studio La Cachette in France and Studio Zmei in Bulgaria. Cartoon Network Studios is the aforementioned production company. This is reinforced by the show's music, composed by Tyler Bates and Joan Higginbottom. It is effective, connecting the action with the story. It makes you excited to watch each episode, and become more invested in the characters.

None of this is much of a surprise. Bates is a well-known producer, composer, and musician, primarily of action and horror media, including the John Wick franchise. He was probably chosen because he composed the music scores of Sym-Bionic Titan, the fifth (and final) season of Samurai Jack, and Primal.

Similarly, Higginbottom was a composer on the same season of Samurai Jack, Primal, and John Wick Chapter 4. Tara Billinger, known as the creator of Long Gone Gulch and a storyboarder, did production work on the series as well. The animators either worked on French productions not known in the U.S., or series such as Love, Death & Robots, and Primal. Even Tartakovsky did some storyboarding. The animation, background art, and set pieces are strong in this series.

Unicorn: Warriors Eternal may have been a passion project for Tartakovsky. However, it is incorrect that the plot is "humdrum". Furthermore, Emma/Melinda is not a "poorly written" character, nor does she have a "pat dilemma" or lack emotional complexity. Her struggles are at the series' center. On the other hand, this series, like Dexter's Laboratory, Samurai Jack, Star Wars: Clone Wars, Sym-Bionic Titan, and Primal, is male-centered. In fact, Emma/Melinda is the only female protagonist.

The series has "urgent stakes" and the characters are intriguing. This accompanies amazing mythologies and some worldbuilding. It could be better, but it is not missing "the magic of Tartakovsky". Instead, this series is unique and different from other Tartakovsky series in the past. Surely, I'd love to have queer characters and even have a love triangle akin to the one between Hazumu Osaragi, Yasuna Kamiizumi, and Tomari Kurusu in Kashimashi: Girl Meets Girl. Unfortunately, this series did not go that direction, instead having male-female couples, without any one-way crushes.

Overall, despite my criticisms, Unicorn: Warriors Eternal is an enjoyable series and I'd recommend it. I can hope that it improved to become even better, breaking out of the good-evil dichotomy, and other common tropes used in Tartakovsky's work.

Unicorn: Warriors Eternal can be watched on Adult Swim or streamed on Max, DirectTV, and Spectrum. It can be purchased through Prime Video, Google Play, Vudu, or Microsoft Store.

© 2023 Burkely Hermann. All rights reserved.

[charliejaneanders]

Media consolidation is consistently harmful. It results in unhealthy markets, endless layoffs, a reduction in diversity and quality in cable news, less competition, and a mindless race to the bottom. Yet the need for competent media regulation and antitrust reform is somehow always a distant afterthought, deemed irrelevant by the seme gentlemen who stand to benefit from our apathy.

Techdirt telling it like it is

[mrjinx87]

Does anyone else find Vince McMahon with a mustache slightly disturbing?

[mitchipedia]

My latest: VMware customers need to look for alternatives in case Broadcom puts the screws on after acquiring the virtualization vendor.

[trendynewsnow]

Bipartisan Criticism Intensifies Against FTC Chair Lina Khan Ahead of Election

Intensifying Scrutiny of Lina Khan Ahead of Election As the election draws near, Lina Khan, the chair of the Federal Trade Commission (FTC), has become a focal point of bipartisan criticism, facing accusations of being inept, partisan, and unhelpful from both sides of the political aisle. Notably, prominent Democratic donors—including billionaires Reid Hoffman, Barry Diller, and Mark Cuban—have…

[mostlysignssomeportents]

Convicted monopolist prevented from re-offending

This Sunday (Apr 30) at 2PM, I’ll be at the San Francisco Public Library with my new book, Red Team Blues, hosted by Annalee Newitz.

In blocking Microsoft’s acquisition of Activision-Blizzard, the UK Competition and Markets Authority has made history: they have stepped in to prevent a notorious, convicted monopolist from seizing control over a nascent, important market (cloud gaming), ignoring the transparent, self-serving lies Microsoft told about the merger:

https://assets.publishing.service.gov.uk/media/644939aa529eda000c3b0525/Microsoft_Activision_Final_Report_.pdf

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/04/27/convicted-monopolist/#microsquish

Cloud gaming isn’t really a thing right now, but it might be. That was Microsoft’s bet, anyway, as it plonked down $69b to acquire Activision-Blizzard — a company that shouldn’t exist, having been formed out of a string of grossly anticompetitive mergers that were waved through.

Activision-Blizzard is a poster-child for the failures of antitrust law over the past 40 years, a period in which monopolies were tolerated and even encouraged by the agencies that were supposed to prevent monopolies from forming and break up the ones that slipped past their defenses. Activision-Blizzard is a giant, moribund company whose “innovation” consists of endless sequels to its endless sequels, whose market power allows it to crush its workers while starving competitors of market oxygen, ensuring that gamers and game workers have nowhere else to go.

Microsoft is another one of those poster-children, of course. After being convicted of antitrust violations, the company dragged out the legal process until George W Bush stole the presidency and decided not to pursue them any further, letting them wriggle off the hook.

The antitrust rough ride tamed Microsoft…for a while. The company did not use the same dirty tricks to destroy, say, Google as it had used against Netscape. But in the years since, Microsoft has demonstrated that it regrets nothing about its illegal conduct and has no hesitations about repeating that conduct.

This is especially true of cloud computing, where Microsoft is using exclusivity deals and illegal “tying” (forcing customers to use a product they don’t want in order to use a product they desire) to lock customers into its cloud offering:

https://www.reuters.com/technology/google-says-microsofts-cloud-practices-anti-competitive-slams-deals-with-rivals-2023-03-30/

Locking customers into Microsoft’s cloud also means locking customers into Microsoft surveillance. Microsoft’s cloud products spy in ways that are extreme even by the industry’s very low standards. Office 365 isn’t just a version of Office that you never stop paying for — it’s a version of Office that never stops spying on you, and selling the data to your competitors:

https://pluralistic.net/2020/11/25/the-peoples-amazon/#clippys-revenge

Microsoft’s Activision acquisition was entirely cloud-driven. The company clearly believes the pundits who say that the future of gaming is in the cloud: rather than playing on a device with the power to handle all the fancy graphics and physics, you’ll use a low-powered device that streams you video from a server in the cloud that’s doing all the heavy lifting.

If cloud gaming comes true (a big if, considering the dismal state of broadband, another sector that’s been enshittified and starved by monopolists), then Microsoft owning the Xbox platform, the Windows OS, and the Game Pass subscription service already poses a huge risk that the company could grow to dominate the sector. Throw in Activision-Blizzard and the future starts to look very grim indeed.

It’s a nakedly anticompetitive merger. As Mark Zuckerberg unwisely wrote in an internal memo, “it is better to buy than to compete.”

(These guys can not stop incriminating themselves. FTX got mocked for its group-chat called “Wirefraud,” but come on, every tech baron has a folder on their desktop called “mens rea” full of files with names like “premeditation-11.docx.”)

Naturally, the FTC sued to stop the merger (after 40 years, the FTC has undergone a revolution under chair Lina Khan and is actually protecting the American people from monopoly):

https://www.vice.com/en/article/ake97g/ftc-sues-to-block-microsoft-acquisition-of-call-of-duty-publisher-activision-blizzard

The FTC was always in for an uphill battle. “Cloud gaming,” the market it is seeking to defend from monopolization, doesn’t really exist yet, and enforcing US antitrust law against monopolies over existent things is hard enough, thanks to all those federal judges who attended luxury junkets where billionaire-friendly “economists” taught them that monopolies were “efficient”:

https://pluralistic.net/2021/08/13/post-bork-era/#manne-down

But the FTC isn’t the only cop on the beat. Antitrust is experiencing a global revival, from the EU to China, Canada to Australia, and South Korea to the UK, where the Competition and Markets Authority is kicking all kinds of arse (see also: “ass”). The CMA is arguably the most technically proficient competition regulator in the world, thanks to the Digital Markets Unit (DMU), a force of over 50 skilled engineers who produce intensely detailed, amazingly sharp reports on how tech monopolies work and what to do about them.

The CMA is very interested in cloud gaming. Late last year, they released a long, detailed report into the state of browser engines on mobile phones, seeking public comment on whether these should be regulated to encourage web-apps (which can be installed without going through an app store) and to pave the way for cloud gaming:

https://pluralistic.net/2022/12/13/kitbashed/#app-store-tax

The CMA is especially keen on collaboration with its overseas colleagues. Its annual conference welcome enforcers from all over the world, and its Digital Markets Unit is particularly important in these joint operations. You see, while Parliament appropriated funds to pay those 50+ engineers, it never passed the secondary legislation needed to grant the DMU any enforcement powers. But the DMU isn’t just sitting around waiting for Parliament to act — rather, it produces these incredible investigations and enforcement roadmaps, and releases them publicly.

This turns out to be very important in the EU, where the European Commission has very broad enforcement powers, but very little technical staff. The Commission and the DMU have become something of a joint venture, with the DMU setting up the cases and the EU knocking them down. It’s a very heartwarming post-Brexit story of cross-Channel collaboration!

And so Microsoft’s acquisition is dead (I mean, they say they’ll appeal, but that’ll take months, and the deal with Activision will have expired in the meantime, and Microsoft will have to pay Activision a $3 billion break-up fee):

https://mattstoller.substack.com/p/big-tech-blocked-microsoft-stopped

This is good news for gaming, for games workers, and for gamers. Microsoft was and is a rotten company, even by the low standards of tech giants. Despite the sweaters and the charity (or, rather, “charity”) Bill Gates is a hardcore ideologue who wants to get rid of public education and all other public goods:

https://pluralistic.net/2021/04/13/public-interest-pharma/#gates-foundation

Microsoft has a knack for nurturing and promoting absolutely terrible people, like former CEO Steve Ballmer, who has played a starring role in Propublica’s IRS Files, thanks to the bizarre tax-scams he’s pioneered:

https://pluralistic.net/2023/04/24/tax-loss-harvesting/#mego

So yeah, this is good news: Microsoft should have been broken up 25 years ago, and we should not allow it to buy its way to ongoing dominance today. But it’s also good news because of the nature of the enforcement: the CMA defended an emerging market, to prevent monopolization.

That’s really important: monopolies are durable. Once a monopoly takes root, it becomes too big to fail and too big to jail. That’s how IBM outspend the entire Department of Justice Antitrust Division every year for twelve years during a period they call “Antitrust’s Vietnam”:

https://onezero.medium.com/jam-to-day-46b74d5b1da4

Preventing monopoly formation is infinitely preferable to breaking up monopolies after they form. That’s why the golden age of trustbusting (basically, the period starting with FDR and ending with Reagan) saw action against “incipient” monopolies, where big companies bought lots of little companies.

When we stopped worrying about incipiency, we set the stage for today’s Private Equity “rollups,” where every funeral home, or veterinarian, or dentists’ practice is bought out by a giant PE fund, who ruthlessly enshittify it, slashing wages, raising prices, stiffing suppliers and reducing quality:

https://pluralistic.net/2022/12/16/schumpeterian-terrorism/#deliberately-broken

Limiting antitrust enforcement to policing monopolies after they form has been an absolute failure. The CMA knows that an ounce of prevention is worth a pound of cure — indeed, we all do.

From Apr 26–28, Barnes and Noble is offering a 25% discount on preorders for my upcoming novels (use discount code PREORDER25): The Lost Cause (Nov 2023) and The Bezzle (Red Team Blues #2) (Feb 2024).

Catch me on tour with Red Team Blues in Mountain View, Berkeley, San Francisco, Portland, Vancouver, Calgary, Toronto, DC, Gaithersburg, Oxford, Hay, Manchester, Nottingham, London, and Berlin!

[Image ID: A promotional image from the Call of Duty franchise featuring a soldier in a skull-mask gaiter giving a thumbs up on a battlefield. It has been altered so that he is giving a thumbs-down gesture. Superimposed on the image is a modified Microsoft 'Clippy' popup; Clippy's speech-bubble has been filled with grawlix characters; the two dialog-box options both read 'No.']

Image: Microsoft, Activision (fair use)

[ross-frank]

Streamline Business Changes with SAP Carve-Out

Streamline Business Changes with SAP Carve-Out

CBS Consulting supports organisations in SAP Carve-Out processes, ensuring a smooth transition during mergers or divestitures. Our expert team provides tailored solutions that optimise operations and maintain compliance. Navigate business changes effectively with our SAP Carve-Out expertise.

[kazifatagar]

Public Bank to acquire 44.15% stake in LPI Capital

KUALA LUMPUR: Public Bank Bhd has entered into a conditional sale and purchase agreement with the estate of the late Tan Sri Dr Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd (ConTeh) to acquire 44.15% equity interest in LPI Capital Bhd for RM1.72 billion. Public Bank managing director and CEO Tan Sri Dr Tay Ah Lek says, “This will allow the enlarged Public Bank Group to establish an…

[follow-up-news]

JetBlue Airways and Spirit Airlines on Monday said they were terminating their merger agreement weeks after losing a federal antitrust lawsuit that challenged the deal. A federal judge blocked the attempted merger in January after the Justice Department sued to bar the deal last year alleging the acquisition would stifle competition in the airline industry and eliminate Spirit as a discount alternative for price-conscious travelers. JetBlue and Spirit appealed the judge’s decision a couple of days later, but JetBlue noted the appeal was required under the terms of the merger agreement. Spirit shares tumbled 17% in premarket trading, while shares of JetBlue were up roughly 4%.

[troncelliti]